Gibraltar To Raise Taxes for Online Bingo Websites
Friday, December 24th, 2010 - Alfie Williams.
Many of the world’s biggest online bingo websites are based in Gibraltar, a tax haven for online gaming operators. Owners of online bingo are attracted to the fact that they are only required to pay 1% tax on all profits, but Gibraltar’s new gaming laws will see an increase in its tax requirements.
The country has now proposed that all online gaming operators pay 10% in taxes. This initially created some panic for online bingo sites operating out of the country, but after a little bit of shopping around, operators found that other countries had far more expensive tax requirements.
Countries like the UK and France require online bingo and other online gaming websites to pay more than double Gibraltar’s tax rates. So, despite raising its taxes, Gibraltar is still a tax haven for online bingo operators. It is unlikely that this new development will change much in the online gaming industry and is even less likely to force operators out of the country.
Paying lower taxes means lower operating costs for online bingo websites. This allows the operator to invest more in promotions and prizes, making for a more fun and exciting online bingo experience.
You must be over 18 years of age to register and to place a bet. The company reserves the right to ask for proof of age from any customer and customer accounts may be suspended until satisfactory proof of age is provided.
St Minver Limited is licensed by the Gibraltar Licensing Authority and regulated by the Gibraltar Regulatory Authority under the 'Gambling Act 2005'.