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 PaddyPower is considering relocating operations away from Ireland in wake of new proposed taxes. The Irish government plans to add a 2% tax on all bets in hopes of stabilizing its ailing economy but it could do more harm than good. PaddyPower which employs approximately 800 people in Dublin says that the new tax regime would make it hard for them to compete in a global market and that in order to keep the company viable they would need to move their operations abroad to obtain a better deal.
Paddy Power's Chief Executive Officer, Patrick Kennedy, commented, "If we face a substantial tax, my board would - and should - turn around and say: at what stage does it no longer make sense to be in Ireland? We have to think about how we structure ourselves globally. My strong desire is that we structure as much as possible in Ireland, but I'd like to do that without someone coming after me at every turn."
Kennedy said that the firm is planning on creating 500 new jobs in Ireland but that they are concerned over whether or not the new tax will pass. Many of PaddyPower's competitors operate in a legally grey area and use a ‘‘catch-me-if-you-can approach'' to regulation. PaddyPower has been very committed to sharing their success with the people of Ireland but they are a company and if Ireland makes it too difficult for them to turn a profit there they will find somewhere else to do business.
As always, stay tuned to Casinofan for more news and updates.
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