Malta E-Gaming

In the autumn of 2000 the Maltese government passed legislation enabling online betting centres to be set up in the country, and this legislation, coupled with provisions from the Income Tax Act written specifically for international companies, made Malta an attractive location for casino and sportsbook operations.A large number of companies from around the world expressed interest in Malta, including Stanley Leisure, William Hill, Ladbrokes, Paddy Power, Unibet, GC Sports, International Allsports, and Eurofootball.Malta became the first EU member state to regulate internet gaming in May 2004 with its Remote Gaming Regulations under the Lotteries and Other Games Act 2001. Malta has subsequently attracted more than 250 remote gaming companies and issued over 350 licences. These businesses employ about 5,200 people in Malta, and service around 10% of the world’s internet gaming market. They generated tax revenues for the government of EUR26.9m in 2008 and EUR52.5m in 2009.The e-gaming industry in Malta is regulated by the Lotteries and Gaming Authority, which was established in 2002 and is responsible for the governance of all gaming activities in Malta including casino gaming, commercial bingo games, commercial communication games, remote gaming, sports betting, the National Lottery and non-profit games. According to its mission statement, the Authority’s role is to ensure that “gaming is fair and transparent to the players, preventing crime, corruption and money laundering and by protecting minor and vulnerable players.”In 2002 the Malta Lotteries and Gaming Authority put together the legislative framework for a new licensing regime encompassing online casinos, sports betting, betting exchanges and lotteries, which came into effect in early 2003. Said the Authority: ‘This framework has the objective of providing regulation which is strong and serious but not unnecessarily bureaucratic, ensuring vigorous protection for users of online gaming, and dovetailing with Malta’s long-established and reputable financial services sector.’There are four classes of licence available to operators in Malta, as follows:Class1 – For operators managing their own risk on repetitive games. This class covers casino-type games.
Class 2 – For operators managing their own risk on events based on a matchbook. Under this class operators can offer fixed odds betting.
Class 3 – For operators taking a commission from promoting and/or betting games. This class includes peer-to-peer games, poker networks, betting exchanges and online lotteries.
Class 4 – To host and manage remote gaming operators, excluding the licensee themselves. This is intended for software vendors who want to provide management and hosting facilities on their gaming platform.Licenses are granted for a period of five years and licensees must have the core part of their online operation physically located in Malta.The amount of tax paid by online gaming companies located in Malta depends on the type of licence they hold: Class 1 licence holders pay EUR4,660 for the first six months, then EUR7,000 per month thereafter; Class 2 firms involved in fixed odds betting pay a 0.5% tax on the gross amount of bets accepted; Class 3 licence holders pay a 5% tax on real income; and Class 4 licence holder pay no tax in the first six months of operations, then EUR2,330 per month for the following six months, and EUR4,460 per month thereafter. The maximum amount of tax payable annually in respect of any one licence is EUR466,000. Application and annual licence fees are EUR2,330 and EUR7,000 respectively for all classes of licence.Moves to tax and regulate online gaming and gambling elsewhere in the European Union have been to the benefit of the industry in Malta in recent years. In mid-2007 it was reported that applications to the Maltese gaming regulator surged in the run up to the introduction of more stringent e-gaming regulations in the UK, with interest shown from the likes of Intercasino, William Hill, Littlewoods, Playboy Casino and Virgin Games. This was prompted by the UK government’s announcement that only companies based in territories on its so-called ‘white list’ would be able to market their services in the UK from September 1, 2007, when the Gambling Act 2005 came into force. It was estimated at the time that this could effectively ban one thousand firms from advertising in the UK. To gain a place on the UK white list, countries must meet stringent new standards which are designed to stop children gambling, protect vulnerable people, keep games fair and keep out crime. Countries in the European Economic Area (EEA), which includes Malta, are automatically accepted onto the white list. But the white list is fairly exclusive, and only a small list of other territories, including the Isle of Man, Alderney, and the Australian state of Tasmania, were deemed to have suitably adequate regulatory regimes.In June 2010, Malta disagreed with the conclusions of an EU Competitiveness Council meeting which adopted a definition of illegal gambling as: “gambling in which operators do not comply with the national law of the country where services are offered, provided those national laws are in compliance with EU treaty principles”. Having taken note of some recent European Court of Justice rulings that apparently support attempts to restrict Europe-wide regulation in favour of local monopolies, and of national legislation which appears to contravene the principles of the freedom of services, such as that now in force in France, Malta fears that it may suffer if a new, illiberal regime is voted through based on the Green Paper. The Maltese government says that the Competitiveness Council’s definition does not properly take into account that Malta has a very advanced regulatory regime in full compliance with EU legislation. But clearly there are developments to be watched with regards e-gaming regulation in the EU in the coming years.Malta’s economic policy encourages information technology operations, and the territory has invested heavily in state-of-the-art telecommunications. There are already a number of Internet Service Providers in Malta, with clear interest being shown in continuing offshore e-commerce development. This was confirmed in 2008 by the European Commission, which recognized the jurisdiction as “well advanced in information society, with many benchmarking indicators significantly above the EU average.” the Commission’s study showed that Maltese businesses are the 4th best connected in Europe to broadband and Malta’s population is the 5th most covered by DSL coverage in the EU. The report also found that the ratio of Maltese employees with ICT skills is the 5th largest in Europe, and the ratio of ICT specialists in Malta is also ahead of European average.Read the rest of the Tax-News.com Malta Review 2010-2011 here

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A Helpful Introduction to Managed Health Care Plans That Can Help Save You Time And Money

Today in the United States, Managed Care Plans have become the most popular form of health care coverage. Managed Care Plans are very different from Indemnity Plans. Under an Indemnity Plan, a policy holder can seek medical attention whenever and wherever it is essential. With a Managed Care Plan, a policy holder has many limitations and restrictions.Managed care plans have become so common because these plans are what most employers offer to their employees. Employers bear the cost of their employees’ medical coverage. For employers, medical benefits to the employers happen to be their biggest expense. Thus, employers tend to opt for the most economical of health plans to provide their employees. Managed care plans are the most economical type of health insurance plan for employers.It is a fact that medical expenses can be controlled if access to health treatments and services is controlled. Managed care plans uphold this truth, which is beneficial for companies offering medical benefits to employees. However, if viewed from a patient’s perspective, if one is in need of a treatment that goes beyond the basic preventive care, availing of such a treatment can become difficult.Managed care plans categories are as follows: a Health Maintenance Organization (HMO), a Preferred Provider Organization (PPO); and a Point of Service (POS). HMOs and PPOs are the most popular. A brief about the features of each is given below:A Health Maintenance Organization (HMO) plan is more economical than a PPO and offers coverage for preventive care. If you are an HMO participant, you pay a monthly premium and very minor co-payment whenever you visit a doctor. The HMO network has many medical care providers. You have to choose from these medical care providers. The medical care providers have an agreement with the insurance company to offer medical services at already negotiated and reduced rates. You must select a Primary Care Physician (PCP), who will always be the first to examine you each time you have a medical condition. Your PCP will give a referral if you need to see a specialist for your condition.As an HMO participant, you can only choose a PCP from your HMO’s approved list of medical care providers. It’s possible that your preferred doctor won’t be on that list. The costs of a medical care provider who is not in your HMOs network won’t be covered by the HMO. Also, in most cases the HMO network is small in size, so getting appointment with a PCP can be difficult.A Preferred Provider Organization or PPO is very much like an HMO. The only difference is that with a PPO plan, you don’t need to be examined by a PCP first. Although not required, you are advised to select a medical care provider from the PPO’s approved list. If you should ever need to go to a specialist, you don’t need to have a referral. If you visit a medical care provider outside your PPO’s network, the co-payment is higher and the PPO part of medical care will be less.PPOs do offer more amount of freedom but the costs involved are higher. These costs can be exceptionally high when you seek the services of a medical care provider outside the network of PPO.A POS managed care plan is mix of HMO and PPO. It offers more freedom to choose a medical care provider and has lower costs. You can choose a PCP, but it is difficult to get a referral to a specialist. If you stick to the network, the paperwork is negligible and your co-payment amounts will also be at aminimum. A POS plan has no deductibles. This might make a POS plan appear lucrative, but POS plans are not very popular.You have do a thorough research and analysis regarding which managed care plan to choose. The plan should satisfy your needs. The coverage provisions and additional costs differ significantly from plan to plan, so do invest time and put effort and clarify your doubts as soon as possible.

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A Short Primer To Get A Canadian Commercial Mortgage In The US

Owning a commercial property in the United States is the dream of almost every Canadian citizen living in the USA. Many of them have no idea of how to obtain a commercial finance or mortgage. Certainly, purchasing a commercial property in the US presents its own challenges, if you are not a US citizen, rather a Canadian. As per a survey by the National Association of Realtors (NAR), more than half of the property transactions are done in cash in the US.However, commercial mortgage lenders are willing to extend credit to Canadian citizens on attractive terms. Sometimes these lenders even provide credit to them without a credit history in the US. Getting a commercial mortgage depends on the residential status of the Canadian citizen. Canadian borrowers can be categorized into the below categories based on their residential status.
Non-permanent residents with a valid Work Visa (G1-G4, E1, E2, H1B, L1, H3, H2B, and H2A)
Permanent Residents with a Green Card (form 1-551)
Foreign nationals whose residence is not in the US

Paying for mortgageIf you are a Canadian citizen who wants to purchase a commercial property in the US, then be prepared to pay more for your commercial mortgage as US mortgages are compounded monthly as opposed to commercial mortgages in Canada which are computed semi-annually. In addition to this, there may also be tax deductible in the United States for its Permanent Residents. Whereas, there is no such tax deductible available for Canadian citizens interested in purchasing a commercial property in the United States by getting commercial mortgage finance.How to apply for Canadian citizen mortgage?Canadians can apply for a commercial loan in the US remotely via Email or phone, if they do not mind a few long distance charges. Most of the lenders and brokers strongly recommend that Canadian citizens should have a US business bank account via a ITIN (individual tax identification number) in order to facilitate the funding of finance and transfer of the down payments for the closing.Some of the reputed lenders offer secured mortgages of up to 75% of loan-to-value (LTV) at very competitive interest rates. Canadian citizens can avail such finances in all 50 states of US. In order to attain maximum client satisfaction, such transactions are closed in 30-45 days. The closing of Canadian citizen mortgage should be done in person in the United States, preferably at the offices of the commercial loan lenders.Documents required for processing of the mortgages?
Legible copy of valid Canadian passport
Copy of Canadian Credit History Report
Fully executed legible purchase and sale contract which is signed by all the parties
Verification of funds or deposit
3 months bank statements showing that they have enough funds for a purchase
Personal Financial Statement stating Assets & Liabilities
Professional Reference Letter from CPA & Personal Banker
Bio or Resume on the Sponsor outlining previous ownership and experience managing such sizable investment
property if more than a $1M.+ investment
Real Estate Schedule of Existing Real Estate Owned In The U.S or Canada
Copy of U.S Individual Tax Identification Number
Copy of Earnest Money Deposit or Escrow Letter
Canadian Primary Residence
The final thoughtMany commercial loan brokers and mortgage lending companies in the US offer commercial loans to Canadian citizens after verifying their financial track record, residency status and work history.

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