| | Excellent Online Casinos News Archive| Online Casinos Face Potential Tax Rate | | | Publication Date: 24 Oct 2005 | |
The online casinos industry in the U.K. has been surging, with a promising future regarding growth and expansion. However, Peter Dean, chairman of the newly formed British Gambling Commission, expressed his concerns to the government tax authorities regarding modernized laws for the U.K. gambling sector, which could be found unappealing to offshore online casinos. These laws, according to Dean, would fail to meet the objective of recruiting online gambling operators based in Gibraltar to relocate to Britain.
'It behooves the Treasury to be mindful of the fact that we can't force companies to come here. The simple point is that if the [tax] rate is set at a level that deters companies from coming here then the Gambling Act 2005 will be frustrated,' Dean said. Dean fears that if the tax rate is too high, online casinos operators would stay away. The Treasury has yet to set a tax rate for online casinos.
For British online casinos fans, having the online gaming sites move to the U.K. would allow them to gamble freely on the Internet. The online casinos would first have to be approved and regulated by the British regulator, but even then, Internet gamers would not be able to gamble on these sites, unless the online casinos themselves relocate to the U.K. 'It is up to the Treasury and the Department of Culture, Media and Sport to set the public policy but the consequences need to be understood.' |
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