The Revenue Commissioners have been ordered to inquire into why certain bookmakers are charging a 3 per cent tax on bets.
The Minister for Finance, Mr McCreevy has told Revenue to act after some betting offices have started charging 3 per cent betting tax.
The Minister, a huge fan of horse racing from the industry’s Co Kildare heartland, today pointed out the only ‘tax’ in betting in Ireland is an excise duty of 2 per cent.
In an effort to support bookmakers struggling to compete with off-shore and UK companies operating tax-free, online services, the minister reduced excise on bets from 5 per cent to 2 per cent in his last budget. The reduction took effect from the beginning of the month.
The Minister said he regrets that some bookmakers are applying charges in the guise of taxes.