Gibraltar's Remote Gambling Industry Expanding
by Jason Gorringe, Lowtax.net, London
18 July, 2016
Gibraltar's Minister for Financial Services and Gaming, Albert Isola, said the gaming industry has continued to grow and deepen its roots in Gibraltar in his third Budget.
The Minister noted that the industry has faced strong headwinds in the last four or five years, with numerous new national licensing regimes, new regulations, and additional taxation by other states rapidly becoming the new norm.
The island's gaming sector grew by three gaming licensees between April 2015 and March 2016, and by a further three to 34 by May 31, 2016.
Isola said the territory is seeking to replace gambling sector regulation next year. To this end, he has written to gaming industry representatives seeking one to one meetings so the Government can properly identify the industry's own views and expectations in this area and help develop a comprehensive framework for a full revision of the Gambling Act 2005.
Isola confirmed the Gibraltar Betting and Gaming Association's judicial review challenge to the United Kingdom's point of consumption tax is ongoing and has been referred to the European Court of Justice. Until this key issue is determined he said it is not practical for Gibraltar's Government to proceed with its own plans to review the current regime for gaming fees, charges, duties and taxes.
Isola ended his Budget comments on the gaming industry by saying that, although legislation and taxation in the sector are under review, the Government remains committed to securing a strong and stable future for both the remote gambling and land based gambling sectors in Gibraltar.
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