Ireland to introduce online betting tax
The Republic of Ireland government is to introduce a new online betting tax, the Irish Examiner newspaper reports.
The new scheme, which could raise €25m per year for the country, will mark a change from the current law where foreign-based bookmakers offering remote services to Irish customers enjoy a “relatively tax-free regime”.
Irish minister for finance Michael Noonan has been attempting to introduce the tax for over three years.
The money that is raised from the online betting tax will be partly redistributed to develop Ireland’s horse and greyhound racing industries.
Noonan said: “In recognition of the importance of the Irish bloodstock industry to the rural economy and the anticipated yield of €25m per annum from betting duty, the government will be providing an additional €6m a year for three years to the fund for horse and greyhound racing.”
“The government is also allocating additional capital of €5m to Horse Racing Ireland in 2015 to leverage investment in race courses.”
The Betting (Amendment) Bill will require gambling companies to obtain a licence to offer their services in Ireland, regardless of whether they have a physical presence in the country or not.
The law change is a similar move to the point-of-consumption (PoC) tax that is being introduced in the UK in November, where remote gambling firms will also have to obtain a licence as well as pay a 15% tax on gross gaming revenues.
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