FINANCE MINISTER MICHAEL Noonan has said that he hopes a new Bill which is in a “well advanced” stage will significantly boost the tax base available from the ever-growing betting sector.
Announced in Budget 2011, the new legislation will increase betting duty receipts by bringing the tax collected on internet bets in line with what is currently paid by punters in-store.
Responding to a parliamentary question last week, Noonan said he wants to publish the Betting (Amendment) Bill before the Dáil breaks for summer holidays later this month.
I am hopeful that by including the high-growth area of the betting sector the tax base from betting will be boosted significantly.
The new rules will see that bets placed on the internet by domestic punters are subject to the same level of betting duty (1 per cent) as applies to high street betting shops. Excise duties will also be applied to the granting and renewal of licences for remote bookmakers.
Last year, €27 million of revenue was raised from betting duty. Previously, Noonan has said the new legislation will make Ireland an attractive location for international betting operations because of an “appropriate licensing regime” coupled with “relatively low taxes” which could lead to real investment and employment opportunities.