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Betting Duty.
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67.—(1) There shall be charged, levied and paid on and by every bookmaker who makes, lays or otherwise enters into any bets an excise duty (in this Chapter referred to as “betting duty”) at the rate of 2 per cent on the amount of every bet entered into by him or her.
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(2) For the purpose of this section the amount of a bet shall be—
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(a) the sum of money or the open market value of other consideration which by the terms of the bet the bookmaker will be entitled to receive, retain, or take credit for if the event the subject of the bet is determined in his or her favour, or
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(b) where the amount cannot be determined in accordance with paragraph (a) at the time the bet is placed, the amount of the unit stake.
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(3) Whenever it is proved to the satisfaction of the Revenue Commissioners—
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(a) that a bet in respect of which the duty imposed by this section is chargeable has become void for any reason other than the mutual consent of the parties thereto, or
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(b) that the amount of a bet in respect of which the said duty is chargeable is calculated in accordance with subsection (2) (a) has not been and is not likely to be collected by the bookmaker,
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the Revenue Commissioners may, subject to such conditions as they may think fit to impose, either (as the case may require) repay the duty paid or remit the duty chargeable in respect of such bet.
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(4) Every person who fails or neglects to pay, any sum payable by him or her in respect of betting duty imposed by this section within the prescribed period, shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of €1,900.
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