 December 21 - Gibraltar has always been a magnet for online gambling operators due to its low taxes and reputable jurisdiction regulations.
Attracting this market has done wonders for Gibraltar's economy, and 12% of its workforce (around 2,000 people) are employed by the gambling industry.
While Gibraltar earned €12.4 million in online gambling taxes last year, the government will be earning up to ten times that amount when gaming concerns fall under the same tax regime as other companies for the first time next year.
Despite this, the tax regime for gambling companies still remains attractive, compared to other countries.
Until now, online gambling groups were paying 1% tax up to £500,000.? While the amount will be rising to 10% tax, gambling groups still won't be obligated to pay Value Added Tax.
While groups may buck at this change, it is believed that nobody will actually up and leave.
"Nobody will leave," confirmed the chairman of Victor Chandler. "Although we'll all complain about the tax going up."
A number of top names in the industry call Gibraltar home, including Party Gaming, bwin, Ladbrokes and William Hill.
The latter two moved their online operations to Gibraltar last year for tax reasons.
In the UK they pay 15% gross profits tax and 10% racing industry levy, while offshore operators pay as little as 1.5% tax.
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