Betfred to open Ceuta office
Operator could benefit from tax break of 10% net profit put in place last year by the Spanish government
Gibraltar-based Betfred is planning to open an office in the Spanish enclave of Ceuta, the operator has confirmed.
Betfred declined to comment on the specifics of the move in terms of staff numbers and functions, but said its online headquarters would remain in Gibrlatar.
The new office could make Betfred eligible for tax benefits put in place by the Spanish government in July 2018, although operators establishing a base in the region must have at least 50% local staff to qualify for the benefits.
Companies based in the city will pay taxes of 10% of net profit as well as 7.5% corporate tax for the first two years of activity and a subsequent 12.5% after that.
VAT will not apply to those based in either Ceuta or nearby Melilla and companies will receive a 75% discount on wealth tax, a 50% discount on local taxes and a 60% discount on income tax.
Firms in Ceuta will also be required to use local technology suppliers, including internet service, to support local business.
One of Spain’s biggest online operators, Codere, recently confirmed it would move its head office to Melilla.