Dáil Éireann Debate, Tuesday - 7 October 2014
189. Deputy Michael McGrath asked the Minister for Finance the yield from increasing betting duty to 1.25% and 1.5%, respectively, while also extending it to online bets; and if he will make a statement on the matter. [38175/14]
Amharc ar fhreagraBased on a yield in 2013 of €25.4 million under the current betting duty regime, an increase in betting duty as set out by the Deputy would yield in the order of €30 million and €40 million, respectively.
The Finance Act 2011 provided for the application of 1% betting duty to the bets that remote bookmakers enter into with persons in the State and a 15% tax on the commission earned by betting exchanges. The Betting (Amendment) Bill, which was published in July 2013, will establish the regulatory framework for these remote operators. The tax changes provided for in the Finance Act can only be implemented once the Betting (Amendment) Bill is enacted. The Bill has completed Second Stage of the Seanad. Enactment of the Bill is expected by the end of the year.
It is estimated that the full year yield from the taxation of remote betting would be around €20 million at the current rate of 1%. An increase as set out by the Deputy would increase this to €25 million and €30 million respectively.
