Argentina raises Gambling tax

[fiulpro]

https://www.gamblinginsider.com/news/10471/argentina-raises-online-gambling-tax-to-5

Apparently Argentina just raised their gambling tax to 5%.

The Argentine Chamber of Deputies has passed a law that will increase the online gambling tax rate from 2% to 5% in 2021. The new law was added to the National budget proposed by Economy Minister Martín Guzmán. The tax will apply to any online betting transaction. There’s also a 10% rise for the companies that operate in low-taxation countries.

Apparently the industry was unregulated for a long time and the government now decided to go for it since they will aid in the future stability and improvement in the financial situation.

The industry according to them apparently is able to get 2.4 billion dollars worth of revenue and which is inclined to help the country , 95% of the tax is going to go to the province.

What are your thoughts on this ??

Is this good/bad , how would we be able to cope up with the governmental bodies increasing the gambling tax thus shutting down the small business causing problems for the long run.

- it was a little sudden to increase it to almost double. The government never even helped the industry for the sake of the argument.

[1715619922]

1715619922

[safari88]

for big companies that offers betting services i don't think there would be a problem but just like what you have said small business operators maybe in trouble. also i think it's good way to have extra fund to allocate to the province in order to help them to improve or grow i'm not really sure what could be the real cons and pros of this implementation.

[ecnalubma]

Apparently increased in tax these may have positive and negative impact. But we can't countries implementing it because struggling economies due to the COVID-19 crisis. We can all relate to this, small businesses might suffer to these tax hike and not only single industries. But the government should maintain balance in collecting taxes or become reasonable at least.

[Viscore]

The growing numbers of gambling institutions caught the attention of the leaders and interest comes next.

The current changes tell something that the government is milking now to all gambling institutions. I'm not sure if that going to be agreed upon by both parties from gambling owners and the government coz this 5% increase is a big effect on their profit and much more in troubles for small-scale casinos.

[freedomgo]

Good for them, actually it's not a big deal for operators as long as they have the license and customers to gamble as they are making a lot of money from gambling, 5% tax is even small for a profitable industry. With a good gambling regulation, this will drive an increase of operators and it would result to increase of tax revenue.

2.4 billion dollars could really help the economy and as long as it will not affect people's lifestyle negatively.

I wish other countries considers gambling as a good revenue source, and not only that, crypto should also be tackled as it would also help to improve the economy since crypto only needs regulation to be easily adopted.

[kkaroul4]

It's good for them if they will become regulated casino I think many people will be interested to regulated casino rather than to those who are not isn't? Also it's for the good of their country that the tax will be used in the development of the rural areas or provinces.

[Kupid002]

It's good move for them instead of doing it illegal they make a move to collect more taxes that can help to improve their economy.
If they know casino gambling earn that much it is right to ask more taxes for them or else they need to close it , if the gambling sites know they earn a lot it is also not a problem for them to give more taxes to government it's a give and take for company and government.

[akirasendo17]

The government has to find a way to help the people of his country, for the vaccine, assistance to the people, and where can they get those big amount, from companies taxes, the government need those, especially from the casino which we know has big contribution when it comes to taxes, during this time the best thing that a company can do is to help by giving taxes since they are going to get profit once the pandemic is clear and open its door to the public

[Gozie51]

It's good for them if they will become regulated casino I think many people will be interested to regulated casino rather than to those who are not isn't? Also it's for the good of their country that the tax will be used in the development of the rural areas or provinces.

This is right that Argentina has taken this step. They are third world country and needs revenue to grow the economy. Taxing is revenue generation and whether it is through casino is fine. Casino business is growing globally.

[perla]

Looks like another country who will increase or make online gambling regulated to get some extra source of fund, if I'm not mistaken I think I've read before from another country who will make online gambling regulated to have extra fund to response on the Covid-19 Cases I think there are some cons and pros here.

[doomistake]

//

The industry according to them apparently is able to get 2.4 billion dollars worth of revenue and which is inclined to help the country , 95% of the tax is going to go to the province.

What are your thoughts on this ??

I hope what I quoted is true, that they will give it to the province which I presume that really needs the help of Argentina Government to be develop, because you know, some politicians likes to put it on their pockets and claim it's theirs.

About on the gambling tax, well it's really needed and they need to be regulated like what most of the countries do. Their huge bankroll is a great help to the progress of the economy, that's why Government don't shut down the casinos that's well known by wealthy people.

[pungopete468]

The government has to find a way to help the people of his country, for the vaccine, assistance to the people, and where can they get those big amount, from companies taxes, the government need those, especially from the casino which we know has big contribution when it comes to taxes, during this time the best thing that a company can do is to help by giving taxes since they are going to get profit once the pandemic is clear and open its door to the public

Yes I think that's a good way to help the country and give assistance to the people. I also think it's great to make the online casinos regulated the players could benefit for it since they can make sure that the casino on where they are playing are safe.

[k@suy]

The government has to find a way to help the people of his country, for the vaccine, assistance to the people, and where can they get those big amount, from companies taxes, the government need those, especially from the casino which we know has big contribution when it comes to taxes, during this time the best thing that a company can do is to help by giving taxes since they are going to get profit once the pandemic is clear and open its door to the public

I do expect that as soon as one country needs to operate and get back its economic again first thing for sure the taxes may also get an additional percentage. We all know that the taxes of people, small or big businesses were the blood of the country to move. A good thing to know that the taxes allocation were for province and lets say for those who would benefit was the vulnerable one but the drawback of it was the most affected one was the small businesses and the ordinary people who were earning at a minimum wage.

[VanityWallets2015]

That's great just come to think of it you are playing gambling and the portion of your losses will go to the development of your country or to help your people.
It looks like you are a hero right? Kidding aside, it's really great that they will regulate it the only thing I'm concerned of is that about the tax.
From 5% it might increase to 10% well I don't think gambling will be good for small operators or newly opened casino that's a little bit high.

[Stedsm]

I believe they were eyeing on this since long time and as people are sitting at homes gambling and/or trading mostly in order to earn some profits and survive, the finance ministry must have researched and got the numbers from the gambling industry to be coming big enough than before and as they saw the surge, they probably decided to take on the gamblers by doing this. I don't know if it's going to do good to anyone else, but if I understand the spirit of a gambler correctly, s/he will definitely go to gain those extra %s which may look small but can be big in numbers when that gambler is a big bettor.

[plvbob0070]

It's understandable if the government is looking for more funds to support the economy. And I think it's good because the tax revenue earned will also go to the province and the people will be the ones who will benefit from it. Also, with the regulation, there's a good impact on the casino industry. Although with a tax increase, I think gamblers will continue gambling especially if they have sufficient funds so it won't probably cause a huge effect on the number of their customers and profit even for small businesses.

[coin-investor]

With a huge amount of revenue that the government of Argentina is about to get, we can consider online gambling in Argentina as their economic savior and booster, it's good for the government, the gambling sector can ask for protection and security in exchange for the tax, they cannot do anything because they are under regulation, they just have to bear the thought that they are helping the economy of Argentina.

[TinaK]

Many countries prohibited online and offline gambling option but argentina just added the tax alone for you. Hence it is good for the government and they can able spend that for public. Still I believe most of the Argentinian people may play the online gambling games.
Any argentinian here to share your exact thoughts on this taxation and reason behind it.

[South Park]

https://www.gamblinginsider.com/news/10471/argentina-raises-online-gambling-tax-to-5

Apparently Argentina just raised their gambling tax to 5%.

The Argentine Chamber of Deputies has passed a law that will increase the online gambling tax rate from 2% to 5% in 2021. The new law was added to the National budget proposed by Economy Minister Martín Guzmán. The tax will apply to any online betting transaction. There’s also a 10% rise for the companies that operate in low-taxation countries.

Apparently the industry was unregulated for a long time and the government now decided to go for it since they will aid in the future stability and improvement in the financial situation.

The industry according to them apparently is able to get 2.4 billion dollars worth of revenue and which is inclined to help the country , 95% of the tax is going to go to the province.

What are your thoughts on this ??

Is this good/bad , how would we be able to cope up with the governmental bodies increasing the gambling tax thus shutting down the small business causing problems for the long run.

- it was a little sudden to increase it to almost double. The government never even helped the industry for the sake of the argument.

It seems like a terrible idea to me, I know that is what governments do however raising taxes just because they need money to any industry during a pandemic seems like the fastest way to get that industry out of the country, why those casinos should remain in Argentina when they can leave for jurisdictions where they can pay no taxes or at least lower taxes than that and still reach their clients and increase their profits that way? They are really giving no option but to leave to those casinos if they want survive.

[bitbollo]

for what I have seen in my country (Italy) raising taxation for gambling isn't a good solution since it will force people to play with low jackpot/odds within a monopole!
I think that in the long run with more of these regulation arising in the world, more players will prefer to use a cryptocurrencies gambling website and not a classic FIAT (or official one).