The Swedish government has announced a proposal within its 2024 budget to increase gambling GGR tax as it believes the country’s market is now steady following legalisation in 2019. From 1 July 2024, Regeringskansliet plans to increase Sweden’s gambling tax from 18 per cent to 22 per cent in hopes of raising an additional SEK 540m (£39.4m) per year. With …
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SportsPesa and Betin cease Kenyan operations following tax increase
“Severe consequences” are on the horizon for Kenya’s sporting sector and betting revenue following the announcement that both SportsPesa and Betin will cease operations within the country. The move follows on from a lengthy standoff with the Kenyan government regarding a change to a legal bill which saw a 20% tax increase on game, betting, and lottery winnings. SportsPesa released …
Read More »LeoVegas looks for economies of scale to counter UK tax hike
LeoVegas has pointed to the tax rate in Denmark as evidence that a 21 per cent remote gaming duty on games of chance will not impact the sustainable running of its UK business. This week, Chancellor Philip Hammond confirmed to Parliament that UK Remote Gaming Duty would rise from 15 per cent to 21 per cent, effective from 1 October …
Read More »Malta monitors Franco-German ‘EU digital taxation framework’ proposal
Industry stakeholders are monitoring the European Union’s potential proposal to introduce a ‘digital taxation framework’, aimed at consolidating taxes for digital enterprises with multi-national operations and commercial services. The new scheme is being spearheaded by the governments of Germany and France and aims to crack down on tax avoidance loopholes, which have been perceived to be used by multi-national tech …
Read More »HMRC to appeal Sportech’s £97m VAT Spot the Ball refund
The legal to-ing and fro-ing between Her Majesty’s Revenue & Customs and Sportech over the gambling operator’s overpaid tax claim, worth £97m, is set to continue after HMRC announced it is to appeal the latest decision. The appeal is just the latest installment in the long running attempt by Sportech to reclaim tax the company says it erroneously paid on its Spot the Ball product between 1979 …
Read More »£4.8m point of consumption bill blunts 32Red’s record growth
Gaming operator 32Red has posted a record revenue performance for 2015 with a 52% increase in net gaming revenues for the year – however its figures have been blunted by a £4.8m point of consumption tax bill. The firm saw 35% increase in its core 32Red revenues to £41.7m, a 54% jump in its Italian business to £1.7m and a …
Read More »Betfair – Paddy Power merger on course for Q1 2016
The merger between Paddy Power and Betfair is all set to be completed early next year, according to Betfair CEO Breon Corcoran. During the exchange operator’s half year results, the company confirmed that all relevant regulatory filings have been submitted and the merger is on track for completion in Q1 2016, subject to shareholder and regulatory approval Betfair appears to …
Read More »Online performance boosts Gala Coral’s quarter
Gala Coral has bucked a trend by announcing good trading figures for the group’s third quarter period, ending 4 July. Net Revenue of £305.0m was 6% ahead of last year, and EBITDA of £65.7m was up 8%, boosted by continued growth in Online and Gala Retail. The figures are despite the £7.2m extra costs of gaming machines caused by an …
Read More »William Hill cites tax increases for £21m drop in profits
William Hill CEO James Henderson has described the past six months as a period of ‘significant regulatory and taxation change for the industry’ as the bookmaker reported a 30% drop in profits after tax to £69.5m. Despite group net revenue marginally growing, even against 2014 World Cup comparatives, operating profit dropped 12% to £155.7m for the first half. Group net …
Read More »GBGA challenge sees POC tax referred to EU courts
The European Court of Justice should be referred to on important issues concerning the legality of a tax imposed on overseas gambling operators, according to a judgment handed down by the High Court, which could have major implications for the UK’s point of consumption regime. Law firm Olswang has claimed that if the current tax framework is found to be …
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