{"id":282,"date":"2024-06-28T22:20:12","date_gmt":"2024-06-28T19:20:12","guid":{"rendered":"https:\/\/cryptoleobonuscode.icu\/2024\/06\/28\/new-zealand-election-labour-and-national-clash-over-online-gambling-tax\/"},"modified":"2024-06-28T22:20:12","modified_gmt":"2024-06-28T19:20:12","slug":"new-zealand-election-labour-and-national-clash-over-online-gambling-tax","status":"publish","type":"post","link":"https:\/\/cryptoleobonuscode.icu\/2024\/06\/28\/new-zealand-election-labour-and-national-clash-over-online-gambling-tax\/","title":{"rendered":"New Zealand Election: Labour and National Clash Over Online Gambling Tax"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/CbcKxIJZJfg\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>New Zealand is on the verge of conducting a national vote, and the two primary political factions are locked in a spirited discussion regarding revenue from international gaming.<\/p>\n<p>The governing Labour Party has taken issue with the National Party&#8217;s suggestion to generate funds for their spending initiatives by imposing increased levies on overseas gambling entities if they triumph in the upcoming election. The election is scheduled for October 14th.<\/p>\n<p>The National Party, in unveiling their NZ$146 billion (NZ$87 billion\/\u20ac80 billion\/\u00a368 billion) tax reduction strategy, asserted that they could collect NZ$179 million annually from international operators.<\/p>\n<p>Nicola Willis, the second-in-command of the National Party, stated that this would be accomplished by &#8220;eliminating tax loopholes and ensuring that overseas entities providing online gambling services to New Zealanders contribute their fair share of taxes.&#8221;<\/p>\n<p>Willis informed reporters that there is currently no Goods and Services Tax (GST) imposed on the entire illicit market. The National Party would compel online casino operators to register and disclose their earnings.<\/p>\n<p>Non-compliant services would be subject to IP geographic blocking. Willis also mentioned that her figures included supplementary corporate tax and casino fees.<\/p>\n<p>Labour has voiced disapproval of the National Party&#8217;s projections.<br \/>\nLabour indicated that the estimations of market size were based on research from TAB and Lotto. They added that less than NZ$40 million in GST is gathered annually. <\/p>\n<p>The spokesperson for the Labor Party&#8217;s taxation and domestic affairs, Barbara Edmonds, stated: &#8220;Contrary to the National Party&#8217;s financial strategy, there is no &#8216;tax exemption&#8217; for foreign online betting.<\/p>\n<p>&#8220;We also doubt the cost calculations provided by the National Party, which asserts that an average of $179 million NZD per year could yield $716 million NZD in revenue over the projected period.<\/p>\n<p>&#8220;As Andrew Bailey is aware, online casinos have only generated $170 million NZD in the seven years since the Goods and Services Tax (GST) was imposed.&#8221;<\/p>\n<p>Since October 2016, New Zealand has levied a 15% GST on services and intangible assets delivered remotely by foreign suppliers. This includes taxing remote gambling service providers who earn over $60,000 NZD per year from New Zealand residents.<\/p>\n<p>New Zealand Gambling Policy<br \/>\nLabor&#8217;s racing spokesperson, Kieran McAnulty, also mentioned that the National Party&#8217;s financial plan risks double-counting other revenue currently received from foreign operators.<\/p>\n<p>&#8220;Foreign platforms that provide sports and horse racing betting currently pay about $4 million NZD in consumption tax annually, which is returned to New Zealand&#8217;s sports and racing codes for community benefits and harm mitigation efforts,&#8221; McAnulty said.<\/p>\n<p>&#8220;It&#8217;s unfortunate that the National Party&#8217;s plan to tax foreign platforms doesn&#8217;t include any funding for harm reduction work to address problem gambling.&#8221; <\/p>\n<p>Its also crucial for them to make clear if their proposal implies that funding for community initiatives and sports will be reduced to cover the cost of tax reductions.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Zealand is on the verge of conducting a national vote, and the two primary political factions are locked in a spirited discussion regarding revenue from international gaming. The governing Labour Party has taken issue with the National Party&#8217;s suggestion to generate funds for their spending initiatives by imposing increased levies on overseas gambling entities [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NZ Election: Gambling Tax Showdown<\/title>\n<meta name=\"description\" content=\"Labour vs. National clash over taxing online gambling revenue. Election on October 14th. 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