Online betting tax due raise in Ireland
There has been a great deal of speculation that there is to be an change to online betting tax in Ireland within the very near future...
The news comes following an announcement by the Irish Government that plans have now entered into an 'advanced' stage, which could mean that there are changes on the horizon concerning the way in which online betting tax is collected in the country.
The purpose of the proposed changes is to try and raise additional funds for the Emerald Isle; this comes after a difficult financial year, which has seen the country struggle with debt, recession and generally troubling economic challenges – it is hoped that the changes to online betting tax will be effective in raising an additional 20 million Euros for the country year-on-year.
The new proposals were relieved by the country's Finance Minister, Michael Noonan, during the announcement of the budget last week; broken down to its elements, the new taxation proposals consist of a 1% tax on both online and phone betting, as well as a 15% charge on Irish commissions which are earned by offshore operators.
“In a reply to a Parliamentary question I put to the Minister for Finance, it was confirmed to me that legislation that will extend betting duties to include remote betting and betting exchanges is currently at an advanced stage,” commented Fine Gael Cork South West Deputy Noel Harrington during a statement.
The Minister reiterated this in his budget speech. To date betting duties have only applied to bets placed in betting shops with bets placed by Irish punters either online or over the phone, essentially with offshore entities, falling outside the tax net. The Irish gaming industry will surely be paying close attention to the situation as it continues to develop.
For some excellent online betting bonuses, check out our selection here on Gaming Supermarket!
Find the biggest Betting bonuses in seconds
