Idleweiss Posted July 26 Share Posted July 26 In the last few days we’ve seen both an attack on traditional CSP style tax planning in the press: Super-rich being advised how to avoid Labour tax clampdown, undercover investigation suggests https://www.theguardian.com/business/article/2024/jul/25/super-rich-being-advised-how-to-avoid-labour-tax-clampdown-undercover-investigation-suggests And the high profile termination of two e-gaming licenses: The independent statutory body established to govern all gambling activities on the Isle of Man has announced tough regulatory actions against two companies that held a license in the country. https://www.gamblingnews.com/news/isle-of-man-gambling-regulator-cancels-two-licenses/ The IOMs current purely aspirational economic plan is to grow by bringing in (largely mythical) new residents but upon closer inspection what industries are actually scaling up in order to provide these people with employment opportunities which enable them to move over? As even e-gaming now is looking highly vulnerable and we haven’t had the MONEYVAL inspection as yet. Any private business would have called a strategic review at this stage as the product it offers is clearly not capable of delivering the corporate objectives it has set out to achieve. There has never been any Plan B either. Quote Link to comment Share on other sites More sharing options...
Amadeus Posted July 26 Share Posted July 26 There currently is no egaming strategy and a new one is being worked on as the sector is changing. There’s still an opportunity for the IoM to be successful in it but we’ll see if they can find the right path. 2 Quote Link to comment Share on other sites More sharing options...
Idleweiss Posted July 26 Author Share Posted July 26 Just now, Amadeus said: There currently is no egaming strategy and a new one is being worked on as the sector is changing. There’s still an opportunity for the IoM to be successful in it but we’ll see if they can find the right path. It’s IOM Government we pretty much know that they won’t find the right path. Quote Link to comment Share on other sites More sharing options...
The Phantom Posted July 26 Share Posted July 26 5 minutes ago, Idleweiss said: It’s IOM Government we pretty much know that they won’t find the right path. They did once upon a time. But this was driven by them listening to the private sector. Now they think they know best.... 3 2 Quote Link to comment Share on other sites More sharing options...
Idleweiss Posted July 26 Author Share Posted July 26 (edited) 9 minutes ago, The Phantom said: They did once upon a time. But this was driven by them listening to the private sector. Now they think they know best.... I fully agree with you there. And look where we are. The next public sector pay demand is going to tip them into the abyss. The current strategy is out of line with the demand to produce income to meet government expectations. Edited July 26 by Idleweiss 2 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted July 26 Share Posted July 26 6 minutes ago, Idleweiss said: I fully agree with you there. And look where we are. The next public sector pay demand is going to tip them into the abyss. The current strategy is out of line with the demand to produce income to meet government expectations. Not just e-gaming. It's the full CSP/yachting/aviation/insurance industry. Zero tax plus some new/tweaked legislation based upon feedback from the industry. Now we have the AI Biosphere 1 Quote Link to comment Share on other sites More sharing options...
Idleweiss Posted July 26 Author Share Posted July 26 7 minutes ago, The Phantom said: Not just e-gaming. I didn’t say it was. Across the board the IOM is screwed. Of course they’ll blame the UK Labour government for what ultimately happens but the reality is that it’s a terrible strategy, aligned with terrible implementation of the strategy, and the terrible implementation of the regulatory environment. I don’t think it’s coincidental that the head of e-gaming is now being re-recruited. The relatively relaxed business friendly risk-based approach environment he has developed (which he should be applauded for) now seems to have bitten us on the arse in a high profile way and it will just be the same doom in that sector ahead that we already have in Trust / CSP and wider financial services. Nobody is attracted to move anywhere by higher regulation, increased compliance costs, and less financial benefits. 1 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted July 26 Share Posted July 26 I'd honestly agree that a little bit of regulation is a good thing. It discourages the most blantant of cowboys/criminals and demonstrates a jurisdiction's acceptance of an industry. The inherent problem however, is that if you employ someone to make rules, they generally won't stop making them, usually in order to further justify their existence. 4 1 Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted July 26 Share Posted July 26 19 minutes ago, The Phantom said: I'd honestly agree that a little bit of regulation is a good thing. It discourages the most blantant of cowboys/criminals... Question 10 on the application sorts that...'Do you have a bent nose and tattoos?' 3 Quote Link to comment Share on other sites More sharing options...
WTF Posted July 26 Share Posted July 26 3 hours ago, Amadeus said: There currently is no egaming strategy and a new one is being worked on as the sector is changing. There’s still an opportunity for the IoM to be successful in it but we’ll see if they can find the right path. IOMG finding any path would be a first , they usually end up lost stumbling through the undergrowth. 1 Quote Link to comment Share on other sites More sharing options...
Amadeus Posted July 26 Share Posted July 26 In parts IoM has become too strict and bureaucratic where egaming is concerned. We are lucky right now that Curacao is a total clownshow and Malta dead slow and hard to deal with. Other jurisdictions aren’t asleep though. New players are entering the field and as long as a gambling licence is accepted by games providers and some payment firms, that’s all these companies really want. We are at risk of becoming irrelevant and that’s largely due to the grey market disappearing. The one the IoM can accept that is. Quote Link to comment Share on other sites More sharing options...
code99 Posted July 26 Share Posted July 26 9 minutes ago, Amadeus said: New players are entering the field and as long as a gambling licence is accepted by games providers and some payment firms, that’s all these companies really want... Not quite. "The new gambling minister, Fiona Twycross, was appointed this week. Government insiders said they would take a sensible approach to the need to reduce harm, while recognising that many people gamble responsibly": https://www.theguardian.com/society/article/2024/jul/25/harm-from-problem-gambling-in-uk-may-be-eight-times-higher-than-thought Quote Link to comment Share on other sites More sharing options...
Ringy Rose Posted July 26 Share Posted July 26 3 minutes ago, Amadeus said: In parts IoM has become too strict and bureaucratic where egaming is concerned. We are lucky right now that Curacao is a total clownshow and Malta dead slow and hard to deal with. Other jurisdictions aren’t asleep though. New players are entering the field Curacao hasn’t changed a bit and if you want no regulations and a worthless bit of paper then the Comoros Islands will gladly take your money. Or Kahnawake. LOL. Malta are bureaucratic because of MONEYVAL too. Many of the MONEYVAL rules are bureaucratic bollocks, rules for the sake of rules. But if as a country you don’t abide by them then you get put on the naughty step. Getting put on the naughty step cost Gibraltar 15% of its GDP and that’s just the cost it will publicly admit to. I also see PAGCOR have just been ordered to shut up shop by the end of the year too. Quote Link to comment Share on other sites More sharing options...
Amadeus Posted July 26 Share Posted July 26 2 minutes ago, Ringy Rose said: Curacao hasn’t changed a bit and if you want no regulations and a worthless bit of paper then the Comoros Islands will gladly take your money. Or Kahnawake. LOL. Malta are bureaucratic because of MONEYVAL too. Many of the MONEYVAL rules are bureaucratic bollocks, rules for the sake of rules. But if as a country you don’t abide by them then you get put on the naughty step. Getting put on the naughty step cost Gibraltar 15% of its GDP and that’s just the cost it will publicly admit to. I also see PAGCOR have just been ordered to shut up shop by the end of the year too. PAGCOR isn’t shutting down. POGOs are and even for them there will be exemptions. PIGO is still going, a sis land based and many POGOs will likely migrate to CEZA, so business as usual. Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted July 26 Share Posted July 26 5 minutes ago, Amadeus said: PIGO is still going... I hope so... Quote Link to comment Share on other sites More sharing options...
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