Ireland's Minister for Finance, Brian Cowen has asked the Department of Finance, in conjunction with the Revenue Commissioners and the Department of Art, Sport and Tourism to review the current system of betting duty in Ireland with a view to updating the eighty-year-old legislation.
The examination will consider in particular if there are grounds for adopting a different basis for the calculation of betting tax, such as a Gross Profits Tax – defined as a tax on the difference between stakes received and winnings paid out. Such a tax system was recently introduced in the UK.
The Betting Tax Group wishes to obtain the views of the industry and other interested parties on this matter. The closing date for submissions is July 28, 2005.
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