The Republic of Ireland is planning to double the existing gambling taxes in its bid to increase the tax revenue.
The current tax rate on betting turnover is 1 per cet, and the government is going to increase it to 2 per cent. The country’s finance minister Paschal Donohoe is expected to announce the new tax regime while unveiling fiscal plan on October 9.
While gambling tax revenues form a small portion of the estimated €3.4b budget, the rate raise is likely to bring more revenue to the state, which can be utilised to fund programmes directed to mitigate problem gambling behaviour.
While the government’s budget will be subject to further debate by legislators, the proposed tax hike represents a victory for the four members of the Independent Alliance, whose votes are key to ensuring the continued survival of the minority government led by Fine Gael.
The Alliance pushed for the gambling tax to be doubled during its budget negotiations with the government in July, and demanded that the extra revenue to be channelled towards problem gambling treatment.
Source: CalvinAyre
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