Changes to the Regulations and Taxes for Online Gambling
Seeking to close the gap, lawmaker efforts include implementing modifications to current regulations by establishing online gambling taxes that will also affect offshore operators. According to the country's revenue regulator, Inland Revenue Department (IRD), implementing taxation rules for online gambling will add NZ$35 million every year. The figure is based on a 12% tax rate implementation on gross betting revenue. Predictions by the agency indicate a 5% annual revenue growth, in which the country will benefit from NZ$155 million over the next four years.
New Zealand's National Party expectations, on the other hand, are more optimistic about the tax revenue that can be generated. Its estimation is that online gambling taxes can bring in NZ$176 million per year. If the expectations of the National Party in New Zealand turn out true, the country will benefit from NZ$176 million across the next four years. As previously mentioned, this will include gambling taxes from the top New Zealand online casinos that are situated within the country as well as those located offshore.
New Regulatory Regime Will Lead to More Revenue
New Zealand will undoubtedly benefit by enforcing online gambling operator taxes. The difference between the National and IRD estimates, however, is significant with over NZ$500 million at stake.
The finance minister of the country, Nicola Willis, was quoted recently by the New Zealand Herald, showing support toward the implantation of the online gambling levy, saying that the current market is very unregulated and problematic, resembling the Wild West.
According to Willis, the decision by cabinet will in principle introduce regulations, which according to Treasury advice will lead to an increase in revenue that will be reflected in budget forecasts. Expectations from implementing the tax levy, according to the minister, can reach NZ$193 million in a conservative forecast. However, Willis feels that only once the legislation is established and after implementation of the tax rate, will the IRD be able to determine the expected revenue.
The Best NZ Online Casinos for Kiwi Players in 2024
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NZ Online Casinos vs Land-Based Casinos
There are only six land-based casinos that cater to players in New Zealand. Even though this is impressive for such a small region, land-based venues are not easily accessible to all. When you compare the country's land-based venues to the best online casinos for Kiwi players, you'll instantly realize that the online realm is far more superior. Online players have access to a larger game selection, exceptional bonus offers, and plenty of trusted and reliable payment methods.
Kiwi players can access these reputable online brands from the comfort of their own homes, and enjoy added flexibility and freedom by playing on desktop or mobile devices. Another huge benefit is the loyalty rewards that you can claim online, and Casino Rewards offers the best loyalty program in the world. With a multi-tiered loaylty program, you can unlock higher deposit limits, faster withdrawals, birthday bonuses, dedicated account managers, exclusive getaways, and more.
