Will New Zealand regulate online gambling after official news from NZ publications report that a New Zealand overseas casino tax plan could be implemented. (Photo by Ethan Johnson on unsplash.com)
It has been some time since the mention of a regulatory authority to govern online casinos and sports books in New Zealand has come to the news columns here on CasinoPlusBonus. However, the topic is beginning to rear its head again, but this time, it centres around taxation.
Previously, in November 2022, there were rumours that the country could bring into action a New Zealand licensing authority. You can read more about the original news report here – ‘Is an NZ Online Gambling Authority on the Horizon?‘. It was also around the same time Ireland began making plans to bring a domestic licensing authority into action, and since then India has been making plans.
However, unlike the regular reports coming out of Ireland and India, since speculation of an NZ licensing authority or regulating online gambling came into the iGaming news columns, we have heard nothing more. That is until now.
With the election in New Zealand on the horizon, one of the policies being touted is the possibility of taxing overseas online gambling sites offering New Zealanders sports and casino services online.
With domestic licensing trending across the globe, such as success stories coming out of Ontario and several US states raising extra taxes to add to their fiscal budget, a New Zealand election promise to follow suit could be the catalyst to bringing a UKGC or AGCO online gambling licensing framework to the country.
What is the current state of the NZ online gambling market? There is a dedicated guide to New Zealand gambling here. It lists all casinos available to players in the country.
Is there any form of online gambling licensing protecting NZ citizens?
Currently, players in New Zealand should only play at online casinos under the Malta Gaming Authority (MGA) for NZD gameplay. Casinos operating under the Curacao iGaming licensing are highly recommended for cryptocurrency gaming.
Both regulate operators by ensuring all software provider games use random number generator (RNG) algorithms that pass internationally recognised certification tests from companies such as GLI and BMM Test Labs. The MGA even offers free legal medication in case of a player vs. casino dispute that cannot be resolved between the two parties. Furthermore, there are rules to protect player funds if the operator has financial difficulty. This guarantees players can withdraw their funds, and auditors cannot count player balances as part of the operator’s balance sheet.
New Zealand Casinos Online That Accept NZD
- Conquestador Casino
- Crocoslots
- Flaming Casino
- LeoVegas Caisno
- Wheelz Casino
For more information about casino licensing, there is an in-depth guide on the most reputable online casinos webpage.
New Zealand Casinos Online That Accept NZD
New Zealand’s National Party Proposes Bold Tax Revisions Before General Elections
As New Zealand gears up for the forthcoming general elections in October, the National Party sets the stage with a visionary tax reform blueprint. Steering their electoral campaign, this tax overhaul seeks to confront numerous fiscal challenges the nation is grappling with while pledging financial easement for its citizens.
Addressing the Issue of Offshore Online Gambling
Central to this revamp is a marked change in handling offshore online gambling. Venturing to seize control over the untaxed and unregulated domain, the National Party is delineating a fresh tax framework. The regulatory reins are held only by TAB NZ and the New Zealand Lottery Commissions, allowing offshore gambling portals to function without contributing taxes. This proposed change in tax policy seeks to narrow this loophole, potentially accumulating millions in tax revenue, thereby steering these revenues back into the nation’s fiscal circulation.
The “Back Pocket Boost” Strategy
Dubbed the “Back Pocket Boost”, the strategy is envisaged as a rational step to mitigate inflationary pressures on the citizens while minimising reliance on external borrowing. This proposal sketches a balanced fiscal management blueprint, vowing to lessen the tensions of escalating living costs experienced by the populace due to spiralling prices in various sectors, including food and housing. The party commits to offering tax breaks to the working class and assuring augmented funding in education and frontline healthcare annually.
Doubts Surrounding the Implementation of Offshore Gambling Tax
Nevertheless, the new tax initiative has garnered scepticism, especially concerning the feasibility of taxing offshore online gambling entities. Tax expert Jonathan Barrett voices the potential administrative hurdles regulators might encounter to tax businesses offshore, where a structured regulatory infrastructure is lacking. Barrett emphasises that while reliable companies may adhere, deceitful operators might effortlessly evade such a tax structure, making the entire endeavour possibly futile and considerably costly.
Labour Ministers Challenge the Projected Revenue
Further, Labour ministers have cast doubts over the projected revenues from the gambling tax, branding them as exceedingly optimistic and perhaps overestimated by a whopping $130 million. The sceptics argue that although initiating a regulatory framework seems promising, the tangible establishment of such an infrastructure to enforce norms and amass revenues appears improbable and highly costly.
As the countdown to the elections begins, it is yet to be determined whether the National Party’s tax overhaul will find favour with the voters. Offering promises of financial reprieve and enhancements to vital services, the plan undeniably instils a sense of hope. However, the practicality and efficiency of the proposed offshore online gambling tax remain to be substantiated, potentially becoming a central discussion point in the pre-election dialogues.
More information about the current government debate covering taxing overseas casinos is available in the famous New Zealand publication – RNZ.co.nz – Nicola Willis backs online gambling tax numbers.
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