UK Government planning to reduce tax on online gambling companies
The UK lawmakers are currently planning to reduce taxes on online gaming and betting to attract back foreign companies. Because of the UK’s regulation system, many gambling firms preferred to move their business to certain countries that had more permissive legislation, like Gibraltar. The government is said to be prepared for luring back the online gambling firms, or to encourage new entrepreneurs to create new online casinos.
The government has not decided yet on how much they will reduce the tax, which at this time has a value of 15 percent. The United Kingdom lost more than £2 billion in the last seven years by applying the current regulation system. Some believe that the tax will be reduced by a third, and that a cutting of 5 percent of the tax might save offshore companies of £100 million yearly. Even though the tax will be reduced, market players that currently own online casinos will have to bear the burden of 10 percent of less, which would probably still represent a large amount of money.
The UK authorities expressed the idea that the tax reduction will bring back the online gambling companies, which will be able to take advantage of the new regulatory system. CasinoWebScripts can advise their clients on how to create online casinos with great commercial value and with no taxes required.
BY CASINOWEBSCRIPTS PUBLISHED 30 March 2013