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Isle Of Man Responds to UK 15 percent p.o.c. tax
Tuesday December 02,2014 : ISLE OF MAN RESPONSE TO NEW BRIT TAX LAWS ON INTERNET GAMBLING
With introduction of the 15 percent p.o.c. tax, the island clarifies its position as a licensing jurisdiction.
In response to the introduction of Point of Consumption tax by the British government on Monday, the head of the Isle of Man's e-gaming regulation and licensing, Peter Greenhill, has issued a statement clarifying the island's position.
Greenhill says the effect of the tax on the Isle of Man online gaming sector will be minimal compared to other jurisdictions due to the fact that the vast majority of players using Isle of Man-licensed operators reside outside the UK.
The new UK licensing and taxing regime is targeted on internet gambling operators who wish to access the UK online punter.
Greenhill observes that the new laws do not force UK-facing licence holders to set up their companies in the UK, nor does it force the processing of bets to take place on UK servers. That means that IOM licensees can retain their current structures with all of the benefits that they bring, he claims.
"The legislation also requires offshore licence holders to either appoint a UK based Financial Representative who, at great expense, will take responsibility and personal liability to pay UK Her Majerty's Revenue and Customs the taxes owed, or may negotiate to pay 6 months duty in advance," Greenhill points out in underlining another advantage of IOM licensing.
"The positive news as far as the Isle of Man is concerned is that we have negotiated an arrangement with the UK tax authorities that UK facing operators licensed with us do not need to take on this vast expense. This represents a major saving over other jurisdictions.”
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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