Ireland to double betting tax

ireland double betting tax
The country will double its betting tax from 1% to 2%. Credits: Irish Examiner

The country will increase its betting tax from 1% to 2%, starting on January 1, 2019.

Ireland.- Ireland’s Minister for Finance, Paschal Donohoe, announced on Tuesday during his Budget 2019 speech that betting tax is set to increase from 1% to 2% next year. He said that the government’s priority has been to level the playing field in the area of betting.

It is expected that bookmakers won’t be able to pass on the tax increase to punters, placing an extra burden on betting shop owners and companies. The Minister explained that the government’s priority has been to level the playing field by extending the tax to remote bookmakers and exchanges.

“This was achieved in 2015 and I believe it is timely to increase the tax from 1% to 2% on amounts wagered in the state. In addition, betting duty on the commissions earned by intermediaries, or exchanges, will increase from 15% to 25%. These increase will take effect on January 1st and will generate an additional €40 million in 2019 and €52 million in a full year,” said Donohoe.

Sharon Byrne, the Irish Bookmakers Association chairperson, said: “We predict that there will be 300 shops closed when the tax is enacted with the loss of at least 1,500 jobs. It is extremely disappointing that the Government conceded to this demand by politicians who never engaged with the industry or understood the profound effect a turnover tax can have on so many jobs. As an industry, we will continue to search for a way to address this regressive tax on jobs and businesses.”

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