Betting tax changes to be examined
The Government is to examine betting tax in a move which could shake-up the industry, it emerged today.
Finance Minister Brian Cowen announced that a working group is to be established to examine the betting tax system, which is almost 80 years old.
Mr Cowen said officials from the departments of Finance and Art, Sport and Tourism will work with staff from the Revenue Commissioners to review the current system, which dates from 1926, in light of modern day circumstances.
The examination will consider in particular if there are grounds for adopting a different basis for the calculation of betting tax such as a Gross Profits Tax - defined as a tax on the difference between stakes received and winnings paid out.
Such a tax system was recently introduced in the UK.
As part of its work, the Betting Tax Group aims to obtain the views of the industry and other interested parties on the matter.
All relevant submissions will be collected by the Department of Finance prior to a closing date of July 28, after which a final decision will be made.
