Online Casino Style: News - Irish Tax Alarms

10/07/2010		Online Casino Style - News: Irish Tax Alarms - 1
Home History Games News Dictionary		The nation of Ireland is back in online gambling news this week, with a rumor of an alarming new tax that could be seriously debilitating to the internet casino industry in the region. Should the increase take place, scheduled to be a 2 percent tax on all winning bets, will have a serious effect on the market, with some estimating that as many as a third of the betting shops in Ireland. Unfortunately for all who are siding against the tax may be tough out of luck, with rumors suggesting that Irish Finance Minister Brian Lenihan is likely to get his way in introducing the new tax to support the revenue needed by the government. According to a report by the Irish Examiner, thousands of jobs are potentially in jeopardy, if 33 percent of the shops would really have to close down after the institution of the levy. The new tax could be active and enforced as early as December, the same month when the new budget will be instituted by the Irish government. It’s a tough position, for the increase would result in the raising of at least €60 billion a year for the nation of Ireland, but the cost could similarly push away much of the business by punters, as it would be applicable to all winning bets, cutting into the amount of profits they take home. With so many options available through offshore and foreign online gambling sites, the chances that all of the business will stay in Ireland, and be subjected to such a tax is unlikely. If betting shop owners absorb the cost, it could cut too deeply into their bottom lines, but if they pass the fee onto players, they will undoubtedly lose the punters’ business. For now, bookmakers in Ireland are only responsible for paying 1 percent on the turnover revenue generated on telephone betting and online gambling. Not only the shopowners are concerned with a statement being submitted by the Irish Boomakers Association in regards to the proposal, discouraging the Finance Minister from pushing the agenda. "We believe that 400 of the 1,200 would shut up overnight. It would kill jobs in the industry," said IBA chairwoman Sharon Byrne. to be continued in Irish Tax Alarms - 2

10/07/2010

Online Casino Style - News:
Irish Tax Alarms - 1

The nation of Ireland is back in online gambling news this week, with a rumor of an alarming new tax that could be seriously debilitating to the internet casino industry in the region. Should the increase take place, scheduled to be a 2 percent tax on all winning bets, will have a serious effect on the market, with some estimating that as many as a third of the betting shops in Ireland.

Unfortunately for all who are siding against the tax may be tough out of luck, with rumors suggesting that Irish Finance Minister Brian Lenihan is likely to get his way in introducing the new tax to support the revenue needed by the government. According to a report by the Irish Examiner, thousands of jobs are potentially in jeopardy, if 33 percent of the shops would really have to close down after the institution of the levy.

The new tax could be active and enforced as early as December, the same month when the new budget will be instituted by the Irish government. It’s a tough position, for the increase would result in the raising of at least €60 billion a year for the nation of Ireland, but the cost could similarly push away much of the business by punters, as it would be applicable to all winning bets, cutting into the amount of profits they take home. With so many options available through offshore and foreign online gambling sites, the chances that all of the business will stay in Ireland, and be subjected to such a tax is unlikely. If betting shop owners absorb the cost, it could cut too deeply into their bottom lines, but if they pass the fee onto players, they will undoubtedly lose the punters’ business.

For now, bookmakers in Ireland are only responsible for paying 1 percent on the turnover revenue generated on telephone betting and online gambling. Not only the shopowners are concerned with a statement being submitted by the Irish Boomakers Association in regards to the proposal, discouraging the Finance Minister from pushing the agenda. "We believe that 400 of the 1,200 would shut up overnight. It would kill jobs in the industry," said IBA chairwoman Sharon Byrne.

to be continued in Irish Tax Alarms - 2