Yearly Archives: 2011

FBI Action is Game Changer for US Market

The online gaming fraternity will long remember April 15, 2011, as ‘Black Friday’, the rather predictable christening name for the day when the FBI shut down the biggest international poker sites in the US market. The indictment charges eleven people associated with PokerStars, Full Tilt Poker and Absolute Poker with bank fraud, illegal gambling offences under UIGEA and money laundering. The ‘seizure’ of the domain names has blocked all US consumers from access to the sites; for example, PokerStars players were met with the message “We are sorry but, due to government regulations, playing real money ring games is not…

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EU/US Dialogue on the Foreign Account Tax Compliance Act

In a letter sent to the US tax authorities, the Hungarian Presidency of the Council of the European Union and the European Commission invited the US authorities to engage in a dialogue on how to best achieve the objectives of the US Foreign Account Tax compliance Act (FATCA). In this regard it pursues goals similar to those of the EU Savings Tax Directive which provides for an exchange of information between tax authorities of EU Member States. However, FACTA could impose a significant compliance burden on EU financial institutions (including banks, investment funds and insurance companies). In light of the…

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Malta ‘cautious’ on new push for common tax regulations in EU

Malta ‘cautious’ on new push for common tax regulations in EU Times of Malta has reported Finance Minister Tonio Fenech saying that Malta is adopting a very “cautious” approach on a proposal by the European Commission for a common system to calculate the tax base of businesses operating in the EU. Malta fears such a system could see the island lose millions of euros in income from large foreign companies that have set up shop in Malta over the years due to a favourable tax system. On the other hand, large member states, such as Germany and France, have been…

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Online gaming in Malta controlled effectively – Ministry Of Finance

Times of Malta has reported that according to the Finance Ministry, Malta was the first EU state to have a comprehensive, robust, strict and highly regulated framework controlling on-line gaming in an effective manner, based on the cardinal principles of player protection, protection of the vulnerable and minors, fair gaming and keeping gaming free from crime. This framework had been in place since 2004, and was in line with the EU treaty principles. The ministry said that Malta had 325 valid online gaming licenses held by 220 registered companies in 2008, and not 500 online registered companies, as had been…

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Professional Football Strategy Council has agreed on a resolution to request governmental support on betting.

Uefa.com has reported that the Professional Football Strategy Council has agreed on a resolution to request governmental support on betting. The council resolved to further strengthen joint efforts to prevent and combat match-fixing, in line with the resolution against match-fixing adopted by the Professional Football Strategy Council in Monaco on 27 August 2010. The council stresses that financial solidarity depends on redistribution of revenue from the commercial exploitation of top professional football to the grassroots. The council expressed concern at the growing unauthorised commercial use of football competitions for betting purposes and proposed that competition organisers/clubs should have the right,…

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Switzerland and Malta sign Double Taxation Agreement

Switzerland and Malta signed a double taxation agreement (DTA) in the area of taxes on income. The DTA will contribute to the further positive development of bilateral economic relations and also contains provisions on the exchange of information in line with internationally applicable standards. Aside from the exchange of information, Switzerland and Malta have in particular agreed withholding tax exemption for dividend payments in the case of related companies with a capital stake of at least 10% in the company making the payment. This exemption occurs so long as the participating interest is held for at least one year. These…

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