28th of July 2012 Author: Glo Wood
The Department of Culture Media and Sport recently released a report, 'The Gambling Act 2005: A bet worth taking?' which discusses the taxation of bingo. It supports the taxation of all forms of gambling and states that bingo should be taxed in the same manner which would mean a reduction from the current rate charged. The report has caught the attention and support of the Bingo Association.
One section specifically details past tax imposed on the bingo industry. The tax on bingo was reduced in 2010 from 22% to 20% due to industry complaints of the percentage being on the high end.
The Chief Executive of the Bingo Association, Paul Talboys, made the following statement regarding reduced bingo tax:
'We are pleased that the Select Committee has recognised that bingo should be taxed at 15%, bringing it in line with the other forms of gambling in the UK. We remain convinced that a fair tax regime which supports UK jobs and stimulates local economies can only be achieved by introducing a single rate of tax for all products governed by The Gambling Act.'
'In moving forward to create a sector with a genuinely 'level playing field' it will be essential for all involved, that the DCMS and Treasury, who are responsible for creating the framework (regulatory and tax) that the industry operates within, work together in a co-operative and considered manner.'
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