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Paddy Power to flee Ireland's new tax?

Gee, never would have seen this coming - the Irish government wants to introduce a 2% tax on all wagers with firms licensed in Ireland. Very few of their competitors will have to pay it, so why should they for their online and telephone operations? So off to Gibraltar they will probably go....

Paddy Power considers moving operations abroad


Paddy Power will consider moving its internet and phone betting operations abroad if the government goes ahead with plans for a 2 per cent tax on all bets, according to the company’s chief executive.

Patrick Kennedy said that a new tax regime would unfairly disadvantage Paddy Power, which employs around 800 people in its internet and phone operations in Tallaght in Dublin. Most of its online competitors did not have a significant presence in Ireland and took a ‘‘catch-me-if-you-can approach’’ to regulation, so they would be difficult to tax, he said.

‘‘If we face a substantial tax, my board would - and should - turn around and say: at what stage does it no longer make sense to be in Ireland?" Kennedy said. ‘‘We have to think about how we structure ourselves globally. My strong desire is that we structure as much as possible in Ireland, but I’d like to do that without someone coming after me at every turn."

The firm could benefit from lower staff costs and a better tax environment if it moved to a location such as Gibraltar, which is popular with other betting firms, said Kennedy.



Really dumb move from the Irish government, penalising the local firms who provide employment, local taxes etc while their UK/European counterparts avoid paying it. Shouldn't they be encouraging local firms to employ more people and pay more taxes that way?

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