Ireland Set To Tax Offshore Online Gaming Operators
The much talked about point of consumption (PoC) tax for UK bookmakers has got other governments thinking the same. The idea of foreign online gaming operators benefiting from gaming revenues without paying any tax to the country where the gamblers originate is set to change in Ireland.
The notion of taxing online gaming in Ireland is not new and has been around for more than three years. Irish Finance Minister Michael Noonan has confirmed that legislation to regulate online gambling tax rules is on its way to be signed into law by the President.
The Irish Government is expected to see an additional €25 million annually from the new online levy. In terms of the new rules foreign based online companies will be forced to pay tax revenues on any services rendered to customers in Ireland.
Until now they have enjoyed a tax free regime with the Irish Government not enjoying any of the millions generated. In terms of the new Bill all remote bookmakers and betting exchanges offering services to residents of Ireland will be required to obtain a license in that country irrespective if they have a physical presence there. The new laws are expected to come into play soon with online operators paying taxes by mid-2015.