DUBLIN: Irish Finance Minister Michael Noonan has confirmed that new online gambling tax rules have been sent to the country’s president to be signed into law.
As previously reported by iGaming Business, Noonan has been attempting to introduce the new tax since he assumed his government role more than three years ago.
The new online betting tax could help raise an additional €25 million ($27.5 million) each year for the country.
The new levy on online transactions will target foreign-based bookmakers that offer remote services to customers in Ireland.
At present, these operators benefit from a relatively tax-free regime, meaning Ireland misses out on millions of euros worth of tax each year.
Under the new law, which will be introduced via the enactment of the Betting (Amendment) Bill 2013, remote bookmakers and betting exchanges providing betting services will need to obtain a licence in Ireland regardless of whether they have a physical presence in the country.
Operators will also be liable to pay tax on betting transactions with Irish punters.The legislation has been delayed a number of time already but the Reuters news agency reports that the new rules will come into force once operators that are already licensed in another jurisdiction are granted licences to offer services in Ireland.
