Published October 15, 2014 by Mike P
Ireland is set to introduce new legislation that will raise €25 million in gambling taxation from foreign operators.
Ireland's stalled plan to tax online gambling has been sent to the president to be signed into law, finance minister Michael Noonan said on Thursday, clearing the way to begin imposing the levy on.
- The newly formed Irish Government has indicated in its 'Programme for Government 2020' that it intends to 'establish a gambling regulator focused on public safety and wellbeing, covering gambling online and in person and the powers to regulate advertising, gambling websites and apps', which could result in the implementation of some of the.
- Four years ago, Finance Minister Michael Noonan proposed a 1% tax on online gambling but the subsequent Betting Amendment Bill was significantly held up in Europe.
- Filing your tax return. The Pay and File deadline for ROS customers is 6pm Friday 11 December 2020, provided you file your 2019 return and make the appropriate payment for 2020 preliminary tax and 2019 balance of income tax due through ROS.
- There is a big difference in taxation in terms of trading and recreational gambling. Let's discuss if your gambling rewards are taxable in Ireland. It's a given that your winnings from lotteries and sports betting are not subject to Ireland's capital gains tax. It's good news for gambling aficionados and casino enthusiasts.
Irish minister for finance Michael Noonan has been striving to implement an online betting tax since taking up his post over three years ago. Prior to the arrival of Noonan, Dermot Ahern previously held the post. Ahern had also been trying to introduce an online gambling tax, but since 2009. Government estimates suggest that such a tax would generate approximately €25 million a year.
€1.6b Revenue for Operators
At the core of the proposed legislation is a desire to tax foreign gambling operators who are targeting Irish residents without being registered in the country. The remote gambling services provided in Ireland are said to generate revenue of approximately €1.6 billion annually. Again, the proposed tax would be €25 million of that figure. From the annual tax revenue, it is proposed that up to €11 million will be contributed to capital as well as horse racing and greyhound racing.
Changes to 1931 Legislation
The Betting (Amendment) Bill 2013 is at last set to be implemented, providing a long awaited update to legislation that had dated back to 1931 in some aspects. Noonan had been so eager to introduce change that he made the alteration of the existing legislation his first act as minister of finance.
Rural Benefits
Ireland Online Gambling Taxes
An important factor in promoting the change to Irish politicians has been Noonan's promise of funding for the bloodstock industry to boost the rural economy. But Horse Racing Ireland is a more specific beneficiary, with the organisation set to receive €5 million in funding to invest in race courses.
Paddy Power Welcomes Tax
From the gambling operators present in Ireland, Paddy Power has openly welcomed the change in legislation. In fact, Paddy Power stated that the company had collaborated with the government. Paddy Power is eager for all Irish-based operators to be competing in a fair market with foreign operators.
See also
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Ireland Gaming Licence – GamingLicensing
- Long gambling history
- Reputable
- Different forms of activities are possible
- Good player protection
- Tax-free winnings
In Ireland, gambling is legal and its popularity is emerging. Along with innovations in the IT world, online features of this sector are developing rapidly, which leads to changes in legislation.
Irish approach to gambling is strikingly similar to the British approach. It offers strong player protection, allowing different types of gambling activities and obliging operators to obtain proper licences. New laws and regulations brought beneficial changes to the current situation.
Specifics of licensing in Ireland
First regulations were introduced in 1956, when the Gaming and Lotteries Act was released. According to it, gambling was totally unlawful. In 2001, Irish residents were allowed to gamble online. Finally, in 2013, gambling was totally legalised, so nowadays, Irish players can freely play in Ireland and on foreign websites. Both local and international operators can also organise legal licensed businesses in Ireland.
Forms of gambling activities include online casinos, lotteries, bingo, sports betting and poker. The favourite way of gambling is sports betting. To operate any of the gambling activities, one needs a licence, however, as to the lotteries, there is the well-known lottery controlled by the Irish authorities.
Another Irish gambling advantage is in the fact that no winnings are subjected to taxes.
Ireland Online Gambling Tax Credit
Taking into account all the details, it is no surprise that the Irish gambling industry counts as reputable and reliable by all means.
