Gibraltar raises taxes tenfold

20/12/2010

Online gaming companies based on Gibraltar are facing a tenfold raise in taxes from 1 to 10 per cent, however they will not be subject to VAT. Despite this, it seems unlikely that any of the many companies based in Gibraltar will leave. “Nobody will leave,” Victor Chandler told the  El País newspaper, “although we’ll all complain about the tax going up.”

Even with the low tax rates, the Gibraltar government reportedly collected £10.5 million in online gambling tax revenue in 2009. The move is thought to be an effort to bring Gibraltar more in line with EU law.

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