Great Britain: tax increase for casinos
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In Great Britain, casinos will have to pay higher taxes to the state due to the economic situation. The tax increase should come into force from April 2023 and goes back to the current inflation rate in the country. In order to cushion the advanced devaluation of the British pound (GBP), the state -based casinos must contribute their part and pay higher gaming taxes. The British government recently announced this on its website.
The British economy is currently waging a two -front war. On the one hand, she has to struggle with the aftermath of Corona pandemic. On the other hand, she has to go with the Arrange the consequences of the Brexit. According to the British supervisory authority, the exit from the European Union weighs much more difficult. He would reduce the gross domestic product (GDP) by about four percent in the long term. Another two percent contribute pandemic.
It is particularly serious about the inflation rate. The OBR recently warned that living costs quickly increase and inflation due to the increased energy prices rise to five percent could.
Now the British government has reacted to the delicate economic situation and one Budget plan worked outthat also affects the country’s gambling industry. The local casinos have to make more taxes from April 2023. Specifically, the tax increase is about the “Gross Gambling Yield (GGY)”, which the casinos have to pay for their gross gains. The GGY is the sum that gambling operators have taken after the player profits and before deducting further taxes.
Development of inflation. According to matching media reports, the tense economy in Great Britain seems to relax. Inflation is falling again after the maximum state in August (3.2 percent). In order for it to stay that way, the government wants to adapt the financial situation to the inflation rate through the budget plan.
GGY determines the tax rate
According to the government, the new GGY tax rate is dynamically adapted to the current inflation rate and should lie on an appropriate level. Rishi Sunak, finance minister and responsible for the budget plan, has not yet given a specific number.
The state -based casinos in the UK currently pay one Tax rate between 15 and 50 percent. The height of the GGY is decisive. If this is below 2.686 million GBP, the lowest tax rate of 15 percent applies. If the limit of 14.626 million GBP is exceeded, the 50 percent tax rate comes into force.
Low effects? As part of the budget plan, the government announced that all national-based casinos in the UK will be affected by the increased GGY tax rates. In the same breath, however, she emphasized that the effects of the tax increase would hardly be noticeable, since it was a routine level during an increasing inflation rate.
According to the government, the new budget plan and the associated tax increases No great advantages for the state health insurers After drawing, since the economic apparatus is only adapted to the inflation rate. In addition, the GGY is the casinos and the one to be paid on it Steer has fallen steadily in recent years.
Introducing income from Corona. In the CORONA-torn crisis year 2020, the state-based casinos in Great Britain were only able to generate a GGY of 67 million GBP by September. In the 2017/18 financial year, this was still 1.18 billion GBP. However, a negative development emerged before the Corona pandemic. In the 2018/19 financial year, the GGY dropped to 1.05 billion GBP and 2019/2020 to 1.01 billion GBP.
Criticism and budgetplan
Finance Minister Rishi Sunak’s budget plan and the government ensures great resentment in many parts of Great Britain. The country’s large media houses consider the tax increases too drastic. They are simply too high and would Put the prosperity and existence into play.
There was also criticism directly from politics. The Guardian recently reported that some political MPs planned government spending Of a total of 150 billion GBP, which are supposed to boost the economy again, consider too high. Theresa May, former Prime Minister, is even to be recorded that the already endangered economic growth will be put even more at risk.
Investment in times of crisis: The government around Prime Minister Boris Johnson wants to pump 150 billion GBP into business over the next three years. According to a report by the FAZ, the money for hospitals, schools, municipalities and the judicial system is determined. The traffic infrastructure is to be expanded with streets, railways and buses. The construction of new houses is also planned. Hundreds of thousands are to be created and inspired the housing market. With its investment offensive, the government wants to defy the crisis.