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Bookies on a winner as betting tax relief of up to €50,000 brought in

 

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Photo: AFP/Getty Images

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A TAX break for bookmakers from paying the 2pc betting tax up to a limit of €50,000 was announced in Budget 2020.

The move by Finance Minister Paschal Donohoe is aimed at helping small bookies.

"In recognition of the difficulties experienced by small independent bookmakers I am introducing a relief from betting duty and betting intermediary duty up to a limit of €50,000 per calendar year," Mr Donohoe told the Dáil.

"This relief is subject to the conditions laid down in State Aid regulations."

In Budget 2019, Minister Donohoe raised gambling duty from 1pc of turnover to 2pc.

The increase was met with anger by the sector when it was announced.

The betting tax is expected to bring in around €95m to the State coffers this year.

Irish Independent