Irish newspaper the Irish Examiner, reported that Michael Noonan had drafted the framework for the online betting tax scheme, as Ireland aims to raise €25 millon per annum from foreign online betting operators . The newspaper claims that the minister has been trying to push through the tax legislation since assuming the Minister of Finance position more than three years ago.
The imminent Betting (Amendment) Bill 2013 will require remote bookmakers and betting exchanges providing betting services to punters to obtain a licence in Ireland, regardless of whether or not they have any physical presence in this country.
Online gambling operators will be liable to pay tax on betting transactions made by Irish customers.
Noonan stated that part of the money raised by taxation would be ring fenced in order to aid the Irish bloodstock industry.
Noonan told the Irish Dail
“In recognition of the importance of the Irish bloodstock industry to the rural economy and the anticipated yield of €25m per annum from betting duty, the Government will be providing an additional €6m a year for three years to the fund for horse and greyhound racing,”
“The Government is also allocating additional capital of €5m to Horse Racing Ireland in 2015 to leverage investment in race courses.”
Irish bookmaker Paddy Power issued a statement welcoming the enactment of the bill. The bookmaker commented
“We have worked closely with the authorities in Ireland on the Betting (Amendment) Bill — ensuring that there is a level playing pitch for all companies who operate in the Irish marketplace irrespective of whether they are based in Ireland or not,”
Source: Sbcnews
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