The 1st of January is traditionally the day when new legislation and modifications to existing laws come into force. It’s no different in 2018. As of the 1st of January 2018, the Malta Gaming Authority New Gaming License Fees Regulations have been enacted. New License Fees are set to help regulating the online casinos and gambling arena by introducing the new fiscal structure. Spare a minute and read the following few paragraphs that summarize the latest license fees changes.
When Does the New Fiscal Regime Start?
At the end of 2017, the Government of Malta, along with the MGA, released the info and published the license fee changes in the Government Gazette. Both licensees and the general population now have an opportunity to read the news and dive deep into the Remote Gaming Regulations, which has been amended through the publication of Legal Notice 409 of 2017.
The first online betting site in Malta was launched back in 2000 and since then the Remote Gaming sector has become the fastest-growing gaming sector in Malta. These regulations were created in order to set a regulatory framework for all forms of gambling, including online slots, table games, poker games and others.
The new fiscal regime shall become effective as of the 1st of January 2018.
Now, the new Gaming License Fees Regulations are already up and running, starting from the 1st of January this year. Good news is that all existing licenses will be valid until the 30th of June 2018, which leaves enough time to all interested parties to prepare for the process of acquiring new licenses.
Key Points from the Legal Notice 409 of 2017
As mentioned, while waiting for the implementation of new regulations, licensees will go through a transitory period followed by a reconciliation to calculate the difference between the fees paid in line with the previous fiscal regime for the first half of 2018 and the rest of the amount that should be paid according to the new fees for the second part of the year.
Therefore, all interested entities such as online casino affiliate programs and online casinos which would have overpaid the amount for the previous period will receive tax credits, while those which would have paid less will pay the difference by the end of the year 2018.
Information related to fees and licensees can be found in the Legal Notice 409 of 2017.
The Legal Notice 409 of 2017 is a document that provides detailed instructions regarding license and compliance dues, administrative fees, payments, returns and assessments, objections and appeals, and other important matters.
The document clearly specifies four different types of gaming services for four different classes of remote gaming licenses, as well as license and administrative fees given in four schedules.
The bottom line is that Malta Gaming Authority has obviously decided to build on Malta’s years of experience as the gaming center so that a set of standards for the regulation of gaming can be brought to the table for both land-based and remote gaming providers. At the end of the day rules, regulations and fees are also part of the game.