A Betting Duty of 20 per cent is charged on all bets made, received or negotiated by licenced persons. The duty is charged under the authority of the Betting Act - 1975 and the Miscellaneous Taxes Act - 1976.
Scope of Betting Duty
Betting Duty is charged on all bets made, received or negotiated by a person licensed under the Betting Act - 1975. This includes bookmakers or pool betting agents who negotiate wagers.
Registration for Betting Duty
Every bookmaker or pool making agent is required to apply for registration at the Office of the Tax Commissioner within seven days after the close of the tax period of which he first becomes chargeable to duty.
Paying Betting Duty
Every person responsible for the payment of Betting Duty shall pay the fee in respect of bets received or negotiated in the course of any week upon closure of business.
Betting Duty payments shall be accompanied by a return that shows the amounts received as bets and the amount of tax charged. The accompanying return must be certified to be in agreement with the books of account of the person responsible for the payment by an accountant who is a member of the Institute of Chartered Accountants of Bermuda.
Late or underpaid taxes are subject to a penalty .