Gibraltar introduces higher gambling tax in preparation for Brexit

Gibraltar introduces higher gambling tax in preparation for Brexit

By site_editor

Casino news daily and other media report as follows (July 7 2018): 'Gibraltar is rolling out a new gambling tax and new annual licensing fees for gambling companies to “complement a constantly changing industry landscape”, Minister for Financial Services and Gaming Albert Isola announced earlier this week during his budget speech.

The new taxation regime has already taken effect and Minister Isola said that companies that would be most affected by it had been warned well in advance to prepare to it.

The politician elaborated that they have been considering different models to replace Gibraltar’s “flat rate” on gambling that companies have paid since 2005, when the British Overseas Territory adopted its Gambling Act.

Under the new regime, B2C gambling companies will pay a 0.15% tax on their annual gross receipts. The tax applies to both sports betting and casino gaming operators. These used to pay a 1% tax. Turnover was the tax base for sports betting companies, while casino operators were taxed at 1% of their gross gaming yield.

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