Showing posts with label Rock of wages: online gaming keeps Gibraltar's residents at work. Show all posts
Showing posts with label Rock of wages: online gaming keeps Gibraltar's residents at work. Show all posts

Tuesday, 21 December 2010

Rock of wages: online gaming keeps Gibraltar's residents at work | World news | The Guardian: "Gibraltar's gambler-friendly laws and tax regimes are turning it into a virtual Las Vegas. The Rock has always had an eye for business that is not entirely mainstream, whether smuggling cigarettes or serving as a tax haven, but in online gambling it has hit the jackpot.

The industry employs 2,000 people , or 12% of the workforce, and has helped to insulate the local economy against Spain's harsh economic climate. Of 30,000 residents, only 600 people are unemployed. Across the border in La Línea de la Concepción, some 10,000 of the 65,000 inhabitants are out of work.

The low-tax regime attracts the industry but even so last year the government pocketed €12.4m (£10.5m) in online gambling taxes. Next year the Rock will receive 10 times as much when the gaming concerns are brought into the same tax regime as other businesses."

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