Bookmakers and betting exchanges in Malta are in for an early Christmas treat after Europe’s premier gambling hub announced that these services will be exempted from Value Added Tax (VAT).
The Maltese government would no longer impose VAT on bets and wagers, including the services of bookmakers and betting exchanges, and “equivalent entities” starting January 1, 2018, The Times of Malta first reported.
Under the new Value Added Tax Act, published in the Government Gazette last week, bets on actual and virtual sports events, lotteries, competitions, lotteries, performance of an index, and even natural disasters and other phenomenon would also be exempted from the tax.
The Maltese government, however, clarified that the VAT exemption under the new tax regime did not include bets on the outcome of casino table games, including blackjack, roulette, poker, or any other casino-style game of chance. Any gambling services provided through the use of remote technology would still pay the VAT, the government added.