Makes submission to corporate tax inquiry
Australian operator Tabcorp has urged a ban on wagering operators utilising tax havens such as Vanuatu in a submission made to an Australian corporate tax enquiry.
The submission follows a 90-page report titled "Who Pays For Our Common Wealth?" released in September 2014 that detailed many top ASX200 companies with subsidiaries in tax havens paying well below the corporate tax rate of 30 percent.
In other submissions to the inquiry, other ASX 200 companies openly detailed their use of overseas hubs where they claim interest payments to lower their tax bills, SMH reported this morning (Monday).
Tabcorp proposes amendments to the Interactive Gambling Act requiring operators obtain an Australian licence before being able to accept bets from Australian citizens ensuring they operate under pre-determined conditions that would cover contributions to horse racing, tax and responsible gambling initiatives.
Kerry Willcock, executive general manager of legal and regulatory for Tabcorp said in the submission: "A number of offshore jurisdictions, such as Vanuatu, offer licences to wagering operators under no or low-tax regimes."
"There are few barriers to wagering operators, such as corporate bookmakers licensed in the Northern Territory, re-establishing their Australian operations in these low or no-tax international jurisdictions."
Online Casino News Courtesy of Infopowa