7th of December 2011 Author: Johnny Karp
Finance Minister plans to extend tax duties
According to an announcement made by Irish Finance Minister Michael Noonan, there's reason for joy for the Irish state, as the minister plans to introduce taxes on remote gaming companies, which may bring as much as Euro 10 million of additional revenues for the state next year and around Euro 20 million annually from 2013, provided that the new bill is finalized in time for publication early in the New Year.
As for the types of gambling that would be covered by this measure, they include online and phone betting, so if someone wants to operate as a provider of such services, they will need to apply for a licence and comply with a whole range of conditions, including a requirement that the company would be liable for the payment of the new taxes.
Yet, the question whether it would be open to companies to pass on the cost to punters in addition to their betting stake or not remained unanswered, as well as the fact that the plan also raises issues about the compliance by betting companies operating outside of Ireland.
On a more positive note, the spokesman stated that 'as most companies that offer online betting in Ireland are significant operations, they will be compliant with the requirement to hold a licence.' In addition, it has been specified that betting exchange services that facilitate players betting against each other will also be liable for a betting intermediaries' duty - a 15 percent tax on the gross profits they generate from commissions.
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