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IOM Gambling Duty Act Starts Soon
NEW ISLE OF MAN GAMBLING DUTY ACT COMES INTO FORCE NEXT YEAR
Subject to approval by the Tynwald, new Act introduces a single structure for local bookmaker, pools promoters and online gambling operators.
Subject to approval by the Tynwald, the Isle of Man's ancient parliament, new legislation affecting online gambling is due to come into force on the island early next year.
The Isle of Man Gambling Duty Act 2012 received Royal Assent in October 2012, and replaces the former general betting duty, pool betting duty and online gambling duty with a single duty of excise called "gambling duty," reports the publication Lowtax.com.
The new Act repeals and replaces a number of provisions in the Pool Betting (Isle of Man) Act 1961, the Betting Act 1970 and the Online Gambling Regulation Act 2001, but it is not concerned with machine games duty, lottery duty on National Lottery games, or land-based casino gaming.
Tax rates and liability for operators remain unchanged in the new Act, which is more flexible and better able to deal with technical and other developments, Lowtax reports.
The legislation is designed to create a consolidated and robust legislative framework underpinning an important business sector in the Island, while allowing for future development of the innovative and fast-moving industry.
The single structure will simplify the different laws and procedures in tax accounting under the old laws, and existing exemptions of permissions will be carried forward to the new Act. Credits or losses accrued will also be transferable to the new duty.
Gambling News :
Oink Country Love Slot Launches -
Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
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