The Finance Department launched a review on the current betting tax regime.
Ireland.- Ireland’s Finance Department has initiated a review on the current betting tax regime and the possible ways to reform the system. As revealed by Tax News, the consultation process is set to close on June 19.
The global tax news outlet said that the consultation process will be examined as part of a Tax Strategy Group process, and it will take into account the impact of a possible impact when increasing the rates of betting duty on the Exchequer, the accounting process of the government’s money that get’s held from taxation and revenues, and the bookmaking industry.
This process will look into the remote sector into the betting regime under the changes that were introduces in 2015 with the Betting (Amendment) Act. The measure is set to investigate whether the current model of turnover tax and its different approaches are appropriate for the industry, and what levels of betting tax and their equivalents on exchange commissions are correct. Moreover, the consultation will seek feedback on what could be a possible impact if the taxation goes from bookmaker to punter.
Last year, Dublin Central TD Maureen O Sullivan said that even though the country has had gambling laws and anti-betting legislation and regulations for more than 80 years, they’re outdated and they don’t “take account of modern-day gambling.” The official said that even though Ireland has been considering new gambling laws, it needs fresh regulations as soon as possible, and that illegal activity in the market concerning criminal gangs and money laundering must me stopped.