The Irish Parliament will present a two-tiered betting tax plan to the European Commission for EU-wide regulatory approval and replace a previously approved two percent tax on turnover.
The Irish government is reported to be dropping the turnover tax in favor of a dual tax system differentiating between retail and digital betting operations, the Irish Independent reported.
The new plan would set a 20 percent tax on gross profits for licensed online operators while retail betting would be taxed at 10 percent of gross profits.
The move comes after two percent turnover betting tax was widely criticized and the Irish gaming industry warned of job losses should the plan be enacted.
The new tax plan is predicted to generate €25 million in tax revenues per year.
