With the world’s population leading more and more to online gaming, countries are focusing to create regulatory that can attract and invite gaming companies to set up their gaming centers and thus add to the respective country’s economy. We all are aware of the amount of money involved in online betting and gambling, though some countries are still strict and are holding their stand not allowing these things officially but as the reach of internet grows it won’t be long when each and every country will have its own set of laws for this sort of e-gaming.
Talking about Garth Kimber (the man who brought out a revolution in helping create IOM lawsand rules that will support e-gaming and the country’s own economy as well) is finally stepping down from is impeccable post of the Head of Gaming department in IOM’s government.
The Involvement of IOM in e-gaming, Benefits and Taxes
Garth Kimber’s pivotal role in setting the path for e-gaming in the country from 2007-2016 has helped the country see a growth rate of more than 20% within a year. The small country’s economy is rising expeditiously and the growth rate is expected to see a greater rise in the upcoming years. The country now has over 25 licensed companies who practice e-gaming within the island and a few more waiting in the queue to get the license. The country has greatly benefited as seen from the growth rate. A total tax of 15 Million Euros was collected just form e-gaming last year and the capital that was used was over 150 Million euros, quite a significant amount for a country which has a population of just 82000 people. Other than a gaming duty of 1.5% on gross profit the country has zero percent corporation tax and the gaming duty is subsequently reduces to 0.5 and 0.1% on the gross profit exceeding 20 Million and 40 Million respectively.
Laws and Regulations Preventing Illegal Transfer of Money
When asked in an interview Garth Kimber said that the company has strict laws and policies regarding money laundering, the government keeps a keen eye on big firms and places where there is the slightest chance of such nuisance. Though there are some loop holes in the laws but the country’s government is working hard to remove them and create a safe and sound place without any sort of misuse or disturbance in the country’s economy.