The Isle of Man has introduced a zero tax rate for the domicile’s eGaming sector a full year before it was anticipated to be introduced.
Isle of Man Treasury Minister Allan Bell said bringing forward the introduction date for the tax rate from April 2006 was part of the island’s commitment to the eGaming industry.
“We believe in encouraging enterprise to generate jobs and income for our community,” Bell said.
The news comes just weeks after the reversal of a policy prohibiting casino and poker operators based on the island from accepting US bets.
And it now places the Isle of Man in a strong position compared to its major European competitors in Malta, Alderney and Gibraltar as all four domiciles prepare to reap the benefits of the new UK Gambling Bill.
The bill as it currently stands is unlikely to win the support of the eGaming industry and many operators have publicly said they would be unlikely to apply for a UK eGaming licence.
Malta has already emerged as the domicile of choice for the majority of the UK eGaming community, but other domiciles are continuing to also attempting to position themselves for a potential windfall.
Alderney recently stated it would consider dropping its restrictions on operators accepting US sports bets.
source : egaming review magazine
