The offshore gambling industry will be bracing itself for another attempt to levy taxes on betting following a speech by Irish Taoiseach (first minister) Brian Cowan at the Irish Farm Centre on Thursday night.
"The Government will introduce legislation to ensure that overseas betting providers comply with a licensing regime that will permit them to sell their products into our jurisdiction," he said.
"This will have the additional benefit of facilitating the extension of the tax regime for the betting industry to all those providing online and telephone betting and so underpin funding for the racing industry."
The publication RTE reports that HRI chief executive Brian Kavanagh has welcomed the news, saying: "This announcement maps out a solution to the questions surrounding the funding of the racing industry which has been of concern for some time.
"Reductions in funding have led to job losses and a weakening of our world-class industry. We have consistently said that its funding should be fully provided for through the duty on betting - a position which existed until returns to the Exchequer fell by almost half in the face of competitive pressure from un-taxed betting.
"We whole-heartedly welcome the Taoiseach's announcement of a clear course of action to restore balance to the funding mechanism."
Source: InfoPowa News