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The Jamaican Cabinet has approved an amendment to the Betting, Gaming & Lotteries Act regulations to allow for the introduction of sports betting and payment of a 9% gross profit tax on sports betting offered by licensees, reports OPM (Sept.
Bookies get charged 15% gross profit tax but we have VAT in addition to that.
You know we said a 15 per cent gross profit tax would be the equivalent of a three per cent betting duty .
However I think the Chancellor has made a mistake in leaving VAT and adding gross profit tax.
Assume, for example, that the gross profit tax base found in the VAT were extracted and substituted for the present U.
Expressing delight yesterday, Paul Cooper, Sporting Options' director of communications, said: "The validity of our case has been highlighted by the recent change in the Budget to a gross profit tax method for exchanges.
In addition, the abolition of direct tax in betting shops and its replacement with a gross profit tax eliminated, in many customers' eyes, the previous advantage of on-track tax-free betting," said Claes Hultman, Wembley's chairman.
Byline: J CLARKE J Clarke appreciated the backing of the layers in the silver ring at Exeter, when they had less to gain I WOULD like to thank the silver ring bookmakers at Exeter on January 27 for their support in the racecourse bookmakers' protest at the BHB's imposition of a 10 per cent gross profit tax.