Gibraltar Increases Taxes Tenfold for Top UK Online Sportsbooks

14:40 El NACHO 0 Comments

Gibraltar Increases Taxes Tenfold for Top UK Online Sportsbooks: "During the last few years, several top online sportsbooks in the UK moved their headquarters to Gibraltar in order to take advantage of the low taxes offered by the overseas territory. The United Kingdom taxes online sports betting operations a hefty 15%, while Gibraltar’s tax was a lazy 1%, with a cap of €500,000. All that is about to change.

The government of Gibraltar has announced their decision to raise taxes on internet betting groups to 10%, which is the amount paid by all other businesses in the country. The change is being made in order to comply with European Union laws.

Gibraltar minister Peter Caruana explains, 'To comply with EU law we must phase out the tax-exempt company system in 2010. However, in order to sustain our successful economic model we must retain a commitment to a very competitive corporate tax model.' Companies in Gibraltar that offer internet betting in the United Kingdom and other parts of the world will still be exempt from paying VAT, so despite the raise in taxes, they will still come out ahead."

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