Proposed Irish Betting Bill Sets New Levies
Reports say that legislators from the Republic of Ireland have proposed a legislation that will subject formerly exempt online and offshore bookmakers to a one per cent betting duty. Under the proposed Betting (Amendment) Bill of 2012, online betting exchanges like Betfair will be subject to a pay that is 15 per cent of the gross profits tax.
With this bill, Finance Minister Michael Noonan has said there will be a “fair and equitable licensing and regulatory regime” for bookmakers and betting intermediaries. In addition, Noonan said it was a disadvantage to on-shore firms since offshore bookmakers were not required to pay taxes.
If this bill gets passed by the Irish government, every online bookmakers and exchanges that are not based in Ireland will have to obtain an Irish license. They will need a license before any resident can start using their service.
There has recently been a reported a €27 million worth of revenues from betting duties last year. With the bill, Ireland will become a nation that will attract international operators because they will find relatively low taxes in Ireland and appropriate laws that will make operators feel secure.