IsleOfMan.com – UK government plans to impose a new taxation regime for online gambling will leave Island firms facing higher costs and more administration.
That’s the verdict of a KPMG report commissioned by the Remote Gambling Association.
The UK Treasury last year announced plans to tax online gambling on a place of consumption basis at 15 per cent. At present tax is applied at the source of the bet – where the operator is based.
A detailed report on the implications for the industry has just been produced by KPMG’s economics research team.
It means Island based e-gaming firms with UK customers, and those which advertise in the UK, will in future need a UK gaming licence.
KPMG’s director of e-Gaming Russell Kelly says firms will be forced to absorb extra costs when the profitability of a bet is taxed in the UK.
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