Isle of Man Announces Gaming Tax Changes

0 Comments   Email   Print

Recently there has been a lot of talk about the changes going on in the United Kingdom regarding their approach to taxing online gambling services. Starting on December 1, the tax was changed to be based on the point of consumption, and this includes a fairly substantial 15 percent tax associated with all revenues made with players who are located in the United Kingdom. For smaller operators that target the United Kingdom especially, this is a massive change that can be the difference between being able to operate profitably and not.

The Isle of Man knows that the online gambling companies there are very important as a part of their overall economy, and that's why they are changing a bit of their tax code to compensate for these new expenses. They are going to allow licensees to claim what they call double duty relief for the new tax in the UK which means that they won't be taxed again on the money that they are being taxed on already as a part of the new UK gambling tax. This could give some major savings for many of the companies that reside there.

In a move that's also very interesting, the Gibraltar Betting and Gaming Association will have their day in court in what will likely be early 2015 for yet another appeal against this new tax. While many industry experts believe the unintended side effects of the new tax structure are hurting the industry, government officials do not have the same levels of expertise, and that can cause some major problems in the long run. Overall, it's going to be interesting to see how the Isle of Man's tax relief fits into the picture no matter how the GBGA's appeal goes in 2015.

The Isle of Man is known for being one of the key jurisdictions for some of the top online gambling sites in the world. They are well-known for policing their licensees in some major ways instead of just offering what amounts to a rubber stamp like a number of other popular jurisdictions that take in shady operations. The Isle of Man doesn't put up with that sort of thing, and they have been the home of some of the largest and most popular gaming operations in the world as a result. This move to lessen the tax burden on many of their licensees just goes to show how good of a place they are for this industry.

News Item Tools

 Email     Print     Digg     Del.icio.us    StumbleUpon

Comments

 Add Comment

Add Comment

More News