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The Guardian newspaper in the UK is reporting that an announcement for the tax implementations of new online gambling regulations has been squeezed into the House of Commons schedule Monday.
Last week, DCMS Minister John Penrose announced that foreign online gambling companies needed to obtain a UK license if they hoped to serve British gamblers. It has been predicted that tax implications would be next to follow after the announcement of further regulations.The regulation is believed to target offshore operators who currently serve British gamblers. These companies are paying no taxes to the UK government currently.
One industry insider stated, ""The statement will mean that this will be part of Treasury legislation. There is going to have to be a level of consultation in all of this."
The Guardian is reporting that a number of taxation options are open to the treasure, which include a 15% tax rate on foreign online casino operators. According to industry insiders, this could mean that offshore operations could move back to the UK.