casts doubt<\/a> on the government\u2019s projection that the new tax rate will bring \u20ac50 million in new revenue. In the event that 400 shops close, as predicted, Foley says the government will actually lose money<\/p>\nThe closures would cost the country \u20ac35 million in taxes ($39.6 million), while the remaining outlets would generate around \u20ac30 million ($33.9 million), leaving the exchequer \u20ac5 million out of pocket.<\/p>\n
During a debate last week in the D\u00e1il \u2013 the Irish lower house — Independent Member of the D\u00e1il Michael Healy-Rae argued a tax on gross profits would be more appropriate than a tax on betting handle.<\/p>\n
He suggested that a ten percent tax on gross profits for retail betting and 20 percent for online operators would increase the industry\u2019s contribution to government coffers by \u20ac25 million ($28.3 million) per year, while keeping the independent betting shops afloat.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ireland\u2019s betting tax hike will not be postponed, as reported by some news outlets last week, although Irish finance minister Paschal Donohoe has offered faint hope to the nation\u2019s independent bookmakers who say their businesses will be devastated by the move. Tax on betting handle will double from one percent to two percent from January […]<\/p>\n","protected":false},"author":36,"featured_media":93371,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,61,1074],"tags":[],"acf":[],"yoast_head":"\n
Irish Betting Tax Hike Will Go Ahead Jan 1 But Could Be Repealed in 2020<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n