Ireland will tax foreign operators

After three years of debate and political manoeuvring, it seems that the project for a new bill in Ireland to tax foreign online gambling websites is about to come to life.
In fact, the country’s politicians finally seem to have agreed on this issue and the text of the bill.
I invite you read the rest of this article to learn more about the new bill.

The success of foreign websites in Ireland

Every year, nearly 1.6 billion euros are wagered on internet gambling websites in Ireland.
Most of the profits go to foreign companies that benefit from a system of tax exemption.
Because of this the government of the country has been wanting to establish a taxation system for foreign online gambling websites for the last 3 years.
Even though this new tax law has had taken some time to draft it should nevertheless soon come into effect.

Helping the industry of horse racing and greyhound racing

The Irish Finance Minister Michael Noonan estimated that tax revenues of around €25 million will be collected by the new tax.
The tax will be collected on transactions of foreign-based online gambling operators that target users in the country and offer their services to them.
This money should make it possible to help the horse racing and greyhound racing sector that is currently facing some difficulties.
In fact, it is a very important sector for the rural Irish economy.
Michael Noonan wishes to invest around 11 million euros.
Additionally, the government will also pay €6 million per year for 3 years to fund horse racing and greyhound racing, and €5 million in 2015 in Horse Racing Ireland to stimulate investments in racetracks.

Fair treatment for all operators

According to several experts, the establishment of the new bill of Michael Noonan is imminent.
The future measure will force operators that offer their offers to Irish players to get a license in the country, regardless of whether or not they have premises in Ireland.
The project is expected to regulate the online gambling sector and aims to provide fair treatment to all operators, whether brick and mortar establishments or online operators.