While regulations and a recent anti-online casinos law are making waves in the United States, a recent decision by the European Court has caused cause for optimism among online casinos in Gibraltar. The Court has recently ruled out the possibility of taxing the online casinos even further. By upholding the 1969 Constitution of the self-governing territory's autonomy to control its own taxation, online casinos are spared the additional taxation.
As far as Gibraltar is concerned, the decision means that online casinos can continue to base and further develop their headquarters there. Gibraltar hosts many such online casinos due to its low taxes. Now their jurisdiction will remain autonomous and online casinos can continue operating from its territory. With no corporation tax in place, which often reaches 30 percent, online casinos shareholders are able to save considerable sums.
The European Union might still choose to initiate a law that will raise the tax in Gibraltar over online casinos. On the one hand, the European Commission would like to abolish the local law which gives online casinos that are stationed in Gibraltar an advantage. But on the other hand, Gibraltar is a unique place with its own laws that happen to encourage and support online casinos. |
