Is Gibraltar going to raise taxes on gambling firms?
The government will raise taxes to 10% in 2010
From January 2011 all online companies are to be made subject to a standard corporation tax of 10%, as Gibraltar tries to ensure that its tax regime is in keeping with EU regulations on fair competition.
Some companies, such as William Hill, are understood to already pay a 10 per cent corporation tax rate, but firms with a longer presence on the island, such as Victor Chandler, have previously paid more preferential rates.
John Shepherd of Partygaming, said that although the new rate would mean a large jump in tax for some companies, he did not think it would stop companies from setting up offshore operations in Gibraltar. “We’ve known about this for some time, and we’ve factored it in," he said. "The tax is still going to be very low.”
themselves in jurisdictions such as Gilbraltar or Malta to take advantage of what they say are more competitive tax rates.