Written answers
Tuesday, 2 October 2007
Department of Finance
Tax Code
9:00 am
Richard Bruton (Dublin North Central, Fine Gael)
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Question 167: To ask the Tánaiste and Minister for Finance his plans to regulate or license betting exchanges to ensure that users are being treated fairly and that operators are suitable persons to operate in the market place; and if he will make a statement on the matter. [21486/07]
Brian Cowen (Laois-Offaly, Fianna Fail)
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Under current betting legislation, betting exchanges are not deemed bookmakers. They differ from bookmakers in that they facilitate the matching of bets between outside parties unlike a bookmaker who takes the bet and the associated risk involved. Consequently betting exchanges are treated, for tax purposes, as normal companies, and as such are subject to corporation tax on their profits, which in the case of betting exchanges, comes from commissions charged on transactions. The question of regulating the services of such companies does not arise in tax law.
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