CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Ireland To Extend Betting Tax To Online Bookies

Ireland To Extend Betting Tax To Online Bookies

by Jason Gorringe, Tax-News.com, London

15 March 2012


Ireland's online bookmakers will soon be liable to a transactions tax, bringing the country's internet gambling regime in line with that imposed on high-street shops.

According to Ireland's Sunday Independent, Agriculture Minister Simon Coveney will soon introduce legislation to this effect. The paper reports that Coveney intends to make the horse racing industry "pay for itself", moving away from a system under which the taxpayer provides the sport with a EUR56m (USD73m) subsidy.

This latest report comes just months after Finance Minister Michael Noonan announced that the Betting (Amendment) Bill was at an advanced stage of drafting. Included in his December Budget was the news that a final draft of the Bill was expected from the Attorney General’s Office in early 2012.

The Budget stated that the Bill will facilitate the extension of the 1% betting duty to remote betting. It will also introduce a betting intermediaries’ duty (a Gross Profits Tax of 15%) to cover betting exchanges.

Once the Bill is published, the government will be required to notify the European Commission three months in advance of its enactment. The Budget also made clear the government's intention to commence the new tax regime from the second quarter of 2012.

According to the Independent, Coveney's legislation will mean that all bookmakers will in future pay a licence to operate in Ireland, thus bringing offshore operations under the Irish tax regime for the first time. It cites Coveney as having said that the large bookmakers, who have been involved in a consultation process with him, while unhappy at the change "understand that paying nothing on their online operations was unsustainable".

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
TAGS: tax | Ireland | commerce | offshore e-commerce | budget | offshore | internet | e-commerce | gambling | legislation | offshore e-gaming | tax rates | tax reform

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »