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Australia Urged To Tax E-Gaming,
by Mary Swire, Tax-News.com, Hong Kong
Monday, April 19, 2010
A new report released by KPMG, the global accounting and advisory group, indicates that
certain governments, including the Australian government, may want to consider
relaxing online gambling rules and regulations as the prospect of increased
tax revenues becomes more of an incentive.
The report, entitled ‘Online Gaming: A Gamble or a Sure Bet?,’
quotes predictions that the international online gambling market is expected
to grow by 42% from USD21.2bn in 2008 to USD30bn in 2012 with, it is said, substantially
increased revenues for land-based gambling operators, software developers and
investors.
Prospects for growth, the report says, are enormous since some of the biggest
potential markets (Australia, US, China, Japan and South Korea, in particular)
prohibit many forms of gambling over the internet.
For example, it points out that “China is an exploding market for Internet
games; however it does limit land-based casino gambling activities to Macau,
and prohibits online gaming altogether. Korea, an enormous market for online
multi-player games, may have online gamblers, however gambling online remains
illegal in Korea as well.”
“While it is difficult to predict political and legislative action,”
the report adds, “many markets that now ban online gaming could easily
change their laws as a means of authorizing what is now an underground economy
and increasing tax revenues.”
As Anthony Travers, of KPMG Australia’s Gaming Industry Practice, said:
"Governments in many parts of the world are quietly rethinking their opposition
to online gambling. With the potential for growth in the sector increasing,
the market we see now could be just the tip of the iceberg.”
He reiterated that Australia is one of the biggest markets that currently prohibit
forms of online gambling. "Australians spent an estimated AUD790m (USD738m)
on offshore gambling sites in 2008. It is an underground economy that could
become authorized with a sustained period of re-regulation and expand significantly.”
KPMG thinks that the Australian Productivity Commission’s draft recommendation,
in October 2009, to lift the 2001 Interactive Gambling Act and repeal the prohibition
of online gambling, such as poker and casino games, could lead to a significant
expansion of the local online gambling market.
A comprehensive report in our Intelligence Report series
examining the new possibilities that offshore e-commerce open up for business,
and analysing the offshore jurisdictions that have led the way in offering professional
e-commerce regimes for international business, with a particular focus on e-gaming,
is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report6.asp
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