Government proposes new gambling act and new gambling tax.
The UK’s 2019 Gaming Tax Increase. The United Kingdom has made the decision to implement a new tax on gambling companies that has the industry buzzing. The British government is being pressured by the citizens who believe that gaming companies don’t pay enough in taxes, to raise the taxes gaming companies pay. The purpose is to help pay for the treatment of those who have gambling problems.
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The RGD is the tax on revenues from online casinos. This rate is separate still from taxes on online sports betting. The RGD will increase starting October 1, 2019. The current RGD is at 15% and will be increasing to 21%. Online Gambling Tax Schedule. The scheduling of the implementation of the RGD increase was supposed to start in April 2019.
The UK market accelerated after the Gambling Act 2005 increased competition and allowed betting companies to advertise. In the decade to March 2019, total gross gambling yield — the amount kept.
Various sector-specific tax proposals have been put forward, the most headline grabbing of which is Labour’s plan for a windfall tax on the oil and gas industry. Labour and Lib Dems would place a levy on the gambling industry to tackle problem gambling. Labour plan a Financial Transactions Tax. Lib Dems would increase the digital services tax.
The UK has gone through many changes in its gambling operations industry. However, it looks like it hasn’t had enough as it is planning a 6th amendment to the tax within just 4 years. Although the UK is not one of the best places for gambling, it still packs a big punch in terms of revenues.
POC tax increase. At present, the POC tax online gambling operators are required to pay stands at 15%. This tax was first introduced back in 2014, when it was used as a means to tax British.