DOUBLING OF IRISH TURNOVER TAX MAY CLOSE 400+ SHOPS AND 1.500 WORKPLACES
A Dublin City University study revealed the government’s proposal to raise Irish Gaming Tax from 1% to 2% on turnover may induce the €35m deficit, instead of the projected €50m budget surplus.
In October, Ministry of Finance introduced the plan for doubling the Gaming tax, as a measure for the 2019 budget.
The University report highlighted the proposed tax reforms would have negative effects on the commercial sustainability of sports betting business. As a consequence, at least 400 betting shops in the country are in risk of closure, along with 1.500 jobs.
Besides the increase of the sports betting tax, betting intermediaries would also face a tax increase from 15% to 25%. Another aim of these measures, due to take effect from January 2019, is to reduce gambling addiction and increase financial contributions to sports and education.