Virtual currency is tax haven jurisdictions
Online gambling has become one of the most profitable industries now. As a result, the idea of introduction of virtual currency has become more and more attractive. But this idea seems attractive not only to igaming companies, but to a number of other administrations in different jurisdictions.
The best example is The Isle of Man, or as it is called Mann. It is situated in the Irish Sea between Great Britain and Ireland. This autonomous British Crown dependency is represented by the UK in various international affairs, but is independent in all domestic questions. This territory is a famous gambling industry’s haven. Since 2001, the annual profit of the online gambling industry increased to $20 billion. According to the Ernst &Young survey, it gave 8% of the national revenues of the Isle in 2010 and 700 jobs. Currently, the government is considering the ways to introduce a secure haven for virtual money and connected to it businesses.
They are hoping to gain an economic blossom similar to the one happened with online gambling introduction. Numerous other Tax-haven jurisdictions will surely follow the Isle!
As Brian Donegan, the Isle of Man’s head of operations for digital development, explained, Mann’s authorities will do everything possible to help the virtual money industry to prosper, as they understand that this is a great opportunity.
Although the UK and Belgium have applied a rather contemporary approach to digital currency, such countries as Poland and Estonia made 23% and 20% Valued Added Tax respectively on all bitcoin operations. Spain is also one of the countries that hasn’t decided yet, as it is waiting for the VAT exemption by the EU, which hasn’t made the final step yet. If the EU applied this, Spain is going to be a new protected haven for virtual currency trade operations.
As fan-gamble.com reported earlier on it’s news’ feed: NBA wants to legalize sports betting