BoyleSports threatens job cuts in case tax hike

BoyleSports, one of the topmost bookmakers in Ireland, has issued a warning to the staff there could be job cuts in the event of a rise in tax in the upcoming Budget.

There is a strong belief in the betting industry that the government is going to raise the tax from 1% to 2% in the next budget. The warning issued to the staff is seen as the industry’s method of pressurising the government to refrain from hiking the tax. The proposed tax hike is a real threat, as over 350 bookmakers could shut down the operations and 2000 people could lose jobs.

Boylesports recently opened its 250th store, but is now reviewing the profitability and performance of all the shops as a result of the proposed tax hike.

In a letter to staff, Boylesports management said: “We are committed to making Government and all relevant agencies understand the impact this poorly-considered policy will have on the sector, our business, us and our families.”

“We will take all steps available to safeguard our business, our industry and most importantly the employment of all our people.”

When challenged about the tax, Finance Minister Paschal Donohoe said that he had held a consultation on betting tax but “couldn’t get agreement from the industry in relation to it.” “In the absence of agreement, I decided on something that needed to be done,” he concluded.

Source: SundayIndoBusiness