Gambling Tax Laws in Ireland won't be amended in 2018
One of the most popular form of entertainment in Ireland is gambling. With the modern versions of online betting and online casinos gambling has become even much more popular.
There were some discussions in 2017, as the government was debating about increasing the taxes. Fortunately, the final decision was taken by Pascal Donohoe, the Irish Minister of Finances. He said that there won't be any raising of the taxes yet. Some potential actions concerning the Betting Tax Review in Ireland may be considered for the Budget 2019.
In Ireland as a country where online gambling is considered as the most popular form of pastime, any possibility of a tax raise can become real
Many changes and amendments in the Tax Law were considered by the Finance Minister of Ireland. For example, doubling the tax as a whole. There was an idea to start taxing players, to introduce a new tax regarding the gross profits of bookmaking companies.
Many complaints followed these discussions, and finally the Minister decided to delay gambling tax changes until new review will be done for the next budget 2019.
Eventual raise of the taxes could lead to the loss of jobs as bookies may decrease. Another result is the rise of illegal gambling in the country as players may look for somewhere else for their pastime and entertainment.
The current tax paid by bookies and providers on their annual revenue is only 1%. This percentage is admitted as the lowest all over the world.
Political parties business companies could not pass their pushing for a raise in the taxes of at least 1%. Paschal Donohoe declared that there will be new discussions. The gambling industry in Ireland should prepare for the possibility that changes and amendments in the law will be introduced in 2019.
In the future eventual pushback against these changes will probably continue. It will be mainly in the horse racing industry, addiction services, and even private individuals. Time will tell what the real outcome will be for players and operators in Ireland.