Following Irish Finance Minister Michael Noonan’s several-year-long campaign to introduce a levy on the booming online gambling industry in Ireland, it appears that his rules are now set to be signed into law.
Having been reported on off and on since Mr Noonan took his position over three years ago, there has been much confusion as to the nature of the rules and whether they are set to effect the countries players; and if so, how.
Inspired by the country’s recent downturn and the Ministers projections that an accurate tax on the industry could raise up to twenty five million euros in order to help decrease the nation’s sky-high deficit, the levy will target foreign bookmakers and gambling organisations who offer services to Irish residents.
For the past decade or so, such organisations have relished and thrive within an essentially tax-free infrastructure – having been legally allowed to avoid paying back into the systems within countries they make money in.
Under the new legislation however, all bookmakers and gambling exchanges doing business with Irish residents must first obtain a license in the country, regardless of where in the world they are based.
Following numerous delays amidst appeals and the like over the course of the past few years, it looks as though the law is finally set to become official – with the Irish Finance Department stating that they expect to see this newly generated income become active by the middle months of 2015.
For more information on the subject of Online Gaming tax in the Irish Republic readers should not hesitate to consult Reuters News.