Ireland’s Ministry of Finance has confirmed that it will review its rate of industry taxes as part of its ongoing review of Irish corporate taxation laws examined by special body the Tax Strategy Group.
The review will focus on the tax/levy provisions of the ‘2015 Betting Industry Amendment Act’, and will assess current business conditions and the potential impact of increased rates on betting duty and bookmaker operations.
Updating the industry, the ministry has requested for stakeholders to share thought and opinion on the current taxation system. The ministry seeks wider information on the following matters
- The inclusion of the remote sector into the betting regime under the Betting (Amendment) Act 2015;
- Is the existing model of turnover tax, with different approach to betting exchanges, the most appropriate for the industry at this time?
- What is an appropriate level of betting tax and the equivalent tax on betting exchanges commissions?
- What would be the impact of a move from taxing the bookmaker to taxing the punter i.e. either a percentage tax on all bets placed but paid by the punter rather than the bookmaker, or a (higher) percentage on winnings paid by the punter?
Interested parties have been asked to submit opinion to the Ministry of Finance at [email protected] by the 19 June.