The Republic of Ireland is reportedly making good on its threats to double gambling taxes as the government attempts to balance its financial books.
On Tuesday, the Irish Examiner reported that Ireland’s government would hike gambling taxes from their current rate of 1% of betting turnover to 2% when Finance Minister Paschal Donohoe unveils the nation’s fiscal plan for 2019 on Tuesday, October 9.
Gambling taxes are an admittedly tiny portion of the estimated €3.4b budget, but the hike is expected to realize an additional €50m per year for the government’s coffers, some of which will be directed to funding programs to mitigate problem gambling behavior. A cut will likely also be diverted to the nation’s perpetually cash-hungry racing industry.
While the government’s budget will be subject to further debate by legislators, the proposed tax hike represents a victory for the four members of the Independent Alliance, whose votes are key to ensuring the continued survival of the minority government led by Fine Gael.