Bookmakers in the Republic of Ireland Granted Tax Relief in the 2020 Budget, Bookmakers to Receive Relief of up to €50,000 from the 2% Turnover Tax Levied on Betting in the Country
Bookmakers in the Republic of Ireland was granted tax relief in the 2020 Budget. The Irish Government confirmed that bookmakers will receive a relief of up to €50,000 from the 2% turnover tax levy. The move is part of the tax policy changes included in the 2020 Budget that benefits bookmakers with not having to pay tax on the first €50,000 in wagers they take in each year and only apply to single undertakings. The new policies will go into effect at the beginning of the new year.
Currently, the 2% turnover tax has been in effect since the beginning of this year. The Minister for Finance Paschal Donohoe agreed to review the tax immediately with trying to provide and alternative proposition with independent bookmakers. Together, with the new tax rates, the Gaming and Lotteries (Amendment) Bill 2019 has progressed to the committee stage. This Bill will update Ireland’s 1956 Gaming and Lotteries Amendment Act by implementing maximum gaming machine stakes to €10 and prizes to €750. The Bill, also, imposes the betting and wagering age restriction of 18 years of age and a new system for lottery licensing.