BGC urges government to reduce “stealth” taxes

BGC urges government to reduce “stealth” taxes

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BGC urges government to reduce “stealth” taxes

The BGC has recently published an announcement urging the government of the UK to revise the taxes imposed on certain gambling businesses.

The tax in question applies predominantly to land-based gambling venues, with the industry organization’s main complaint stemming from the fact that the tax rate bands for these businesses have remained the same since last year’s spring instead of being increased with inflation. This means that year-over-year retail gambling establishments will be paying higher taxes on lower amounts, resulting in higher overall taxes for the vertical. The organization estimated that this results in an annual tax increase of approximately 5 million pounds for the land-based sector.

The BGC mentioned in its announcement that land-based gambling companies are struggling due to a number of factors, such as rising energy and staffing costs. The organization further added that casino establishments are an important part of the country’s hospitality industry, employing over 10 thousand people across the United Kingdom who serve a total customer base of more than 16 million patrons.

The organization mentioned that the vertical has been experiencing a decline for quite a while, with the number of its employees having decreased by around 25% from 2019’s 13.6 thousand people.

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