Tuesday, 21 December 2010

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Gibraltar set to raise taxes on online gambling companies

Gambling Online Magazine | News | Gibraltar set to raise taxes on online gambling companies: "Gibraltar has always been a tax haven for many off-shore based online gambling companies due to its low rates but now, it seems, they are set to increase tax percentages from a meagre 1% to 10%.

Whilst this may seem like an un-reasonable hike it is unlikely to scare of gambling organisations already based there as they are simply being brought into line with other companies based in the country that already pay 10% tax. Value added tax will still not apply so it will still be more viable than being based in countries such as the UK or America.

The owner of one of the oldest bookmakers in the UK, Victor Chandler said that he believes this will not make any online gambling companies based there pick up shop and move elsewhere.

Despite having such low tax rates, it is reported that Gibraltar collected over £10.5 million from online gambling companies last year. It is reported that the government have made this move to come more into line with EU regulations."

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