Ireland Prepares for Online Gaming Tax

Ireland Prepares for Online Gaming Tax

Thursday, 16 October 2014

A new online gaming levy looks set to come into effect in the Republic of Ireland in the coming months according to recent reports.

The country's Minister for Finance, Michael Noonan, has been pushing for reform since he took up his position three years ago and with changes afoot it now seems as though his plan is being put into action.

The planned change is expected to rake in €25 million tax revenue each year as offshore operators offering games to local residents begin to pay taxes on the money they make.

At present, online poker and betting companies have enjoyed somewhat of a tax haven in Ireland, but after working on his policy for three years (since he took up the position of Minister for Finance), Noonan is now ready to pass it into law.

The new regime will be included in the new Betting (Amendment) Bill 2013 and
Noonan has already earmarked the projected revenue for various projects, including €11 million for towards the country's horse and greyhound racing.

"In recognition of the importance of the Irish bloodstock industry to the rural economy and the anticipated yield of €25 million per annum from betting duty, the government will be providing an additional €6 million a year for three years to the fund for horse and greyhound racing," explained Noonan.

Tags: Ireland, regulation