Gibraltar raises gaming levy but keeps its tax haven status

14:38 El NACHO 0 Comments

Gibraltar raises gaming levy but keeps its tax haven status: "There is no strip and there is not much neon, but Gibraltar's gambler-friendly laws and tax regimes are turning it into a virtual Las Vegas. The Rock has always had an eye for business that is not entirely mainstream, whether smuggling cigarettes or serving as a tax haven, but in online gambling it has hit the jackpot.

The industry employs 2,000 people , or 12% of the workforce, and has helped to insulate the local economy against Spain's harsh economic climate.

Of 30,000 residents, only 600 people, are unemployed. Across the border in La Línea de Concepción, some 10,000 of the 65,000 inhabitants are out of work.

The low-tax regime attracts the industry but, even so, last year the government pocketed €12.4m (£10.5m) in online gambling taxes. Next year the Rock will receive ten times that amount when the gaming concerns are brought into the same tax regime as other businesses."

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