The British situation is still uncertain. There are still many questions surrounding it’s European Union Exit, the long-deliberated Brexit. On this background, Gibraltar had to find a way to keep gambling operators in the area.
The solution which came across was decreasing revenue taxes and increasing licensing taxes.
B2B and B2C Taxes
Business to Customer taxes are now as low as 0.15% on the operators’ annual gross revenue instead of the ex-tax, which was 1%.
However, even though taxes went down, licensing fees will meet an increase, reaching the following amounts of money:
- A Business to Customer license will cost 132 000 USD (100 000 GBP);
- A Business to Business license will cost 112 000 USD (85 000 GBP).
These new taxing inputs are the result of a desire to make the industry sustainable for Gibraltar’s economy. There will surely be companies who will credit the changes and companies who will be disadvantaged, but in the end, the new taxes are meant to keep the economy working.
Albert Isola, the Financial Services and Gaming Minister of Gibraltar declared that the remote gambling in Gibraltar is the most notable in Europe. Even though the territory faces hard times due to the Brexit’s uncertainties, these new taxing numbers make the economical space safer.
With over 30 remote licenses and 3 500 employees working in the remote area, Gibraltar is a paradise for the gambling industry. Every change the government makes concerning taxes affects companies around the globe and could lead to a weaker economy of the territory, which is a British Overseas Territory.