New Zealand IRD estimates lower revenue from online gambling tax plan

The Inland Revenue Department anticipates revenue of NZ$35m.

New Zealand.- The government had said its plans to raise revenue from online gambling by closing tax loopholes should net NZ$176m a year, but the Inland Revenue Department (IRD) has estimated a lower haul of NZ$35m (US$21.5m) per year, rising 5 per cent annually over four years.

According to the New Zealand Herald, finance minister Nicola Willis acknowledged that the figures were lower than anticipated but said that authorities are considering implementing a new regulatory regime for online gambling, which would raise the amount of revenue to NZ$193m over the period.

The regime would require online gambling operators to register and report their earnings. It has been suggested that those that do not comply will be subject to IP geoblocking.

See also: Calls for ban on greyhound racing in New Zealand after deaths