Argentina raises Gambling tax

[michellee]

I do not think this will be a problem for physical casino owners, but how correct is it to make such a decision during a pandemic? Of course, physical casinos will continue to make more money than we think, as people who love gambling do not completely take it out of their lives.

The casino owners will continue to make money but now they will have to pay more taxes. This means that it will cut down their profits by some margin.
Although it may not hurt them much, but still if they make a lot of money through gambling, they will have to pay taxes in those proportions also.

Maybe that is right, but I am sure that the casino will still be profitable, even if they still need to pay additional taxes. But in this pandemic, the government shouldn't apply more taxes for the casino because it still suffers from the pandemic. Maybe the government will create a regulation about taxes, which will not make the casino feel hard to follow the regulations regarding this situation. I am sure that there will be a win-win solution between the government and the casino, so both sides, the government can still get the taxes, and the casino can still profit. I think the government will not focus on the taxes as a crucial matter that needs to be done because they still think about the virus and how they can get the vaccine as soon as possible.

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[btc78]

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.

Rules are Rules and Government can do whatever they thing that will Help the country,Sometimes there are sacrificial but this is for the sake of Majority.
I believe that Argentina Government is Desperate in Finding Funds for the Fight against corona so this taxation comes to progress.
But if we will Look in Brighter side?
We gamblers are also contributing on this by Playing and adding revenue to the gambling site and to the government also.

[magneto]

Policymakers simply never take into account enforceability when they put in place these laws.

Any jurisdiction can start taxing 5% on all gambling transactions. The reason that they don't do this is not that they are content with forgoing revenue, but rather the simple fact that they know it's not feasible to collect revenue.

Especially with a ton of unregulated online casinos around that have a great reputation, this can be easily circumvented. Consumers when presented with a choice of casinos with identical odds/house edge, but one with a 5% tax on it because it is regulated, will invariably go to the unregulated establishment.

Argentina needs to think long and hard about this, but I doubt these bureaucrats will come to their senses any time soon.

[madnessteat]

The Argentine authorities are trying to reduce the economic decline caused by quarantine due to the difficult situation with COVID. But instead of doing so at the expense of the state, they are doing so at the expense of their citizens, increasing the cost of gasoline, cigarettes and other important products. I am not at all surprised by the increase in the tax on gembling.

[Twinkledoe]

Policymakers simply never take into account enforceability when they put in place these laws.

Any jurisdiction can start taxing 5% on all gambling transactions. The reason that they don't do this is not that they are content with forgoing revenue, but rather the simple fact that they know it's not feasible to collect revenue.

Especially with a ton of unregulated online casinos around that have a great reputation, this can be easily circumvented. Consumers when presented with a choice of casinos with identical odds/house edge, but one with a 5% tax on it because it is regulated, will invariably go to the unregulated establishment.

Argentina needs to think long and hard about this, but I doubt these bureaucrats will come to their senses any time soon.

And high likely that  a large part of their collection will go to their corrupt officials. We know, the corruption is also rampant in their government so it will not be a surprise if large portion will go to the pockets of these officials. It is ok to raise gambling tax as long as it is used appropriately but here, I doubt they will be honest about their collection.

[Kong Hey Pakboy]

Most countries, not only Argentina, are raising their taxes that every country worldwide is also raising their taxes to dampen economic growth and inflation pressure. It is why the government in Argentina has started to raise gambling taxes because they could collect nearly billions of dollars in revenue in gambling instead of accumulating taxes on goods and other important products.

[NeilLostBitCoin]

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.

Rules are Rules and Government can do whatever they thing that will Help the country,Sometimes there are sacrificial but this is for the sake of Majority.
I believe that Argentina Government is Desperate in Finding Funds for the Fight against corona so this taxation comes to progress.
But if we will Look in Brighter side?
We gamblers are also contributing on this by Playing and adding revenue to the gambling site and to the government also.

The government wouldn't implement the rules and regulations if they didn't conduct any research or study with it and for sure they wouldn't implement an specific laws if they know that it will harmly affect their residents. I guess adding the tax to the gambling businesses or gambling play wasn't that bad enough if they have already a good project implementation of where they would going to use the tax collected.

[jostorres]

they can move in cryptocurrency based gambling site, from here government has nothing to do to increase the taxes due to the fact that government has no control in crypto. Which in fact many gambling sites today were now i guess can already figured out the importance of using cryptocurrency as a base payments or payouts to their player. Can't resist the fact that due to pandemic, economic growth goes down and no other source of resource fund but the taxes that's why they taking the advantage of adding taxes.

I think they increased tax because one who can afford gambling even after covid-19 has excessive money and government would love to take some .

Crypto gambling like you mentioned is so easy to avoid taxes and there are guys winning 1-2 BTC daily but no one asks them who they are and if they are paying taxes because the casinos don't care as long as they are losing and winning and not cheating in any ways.

There is no way the government can impose taxes on crypto gambling because neither they can control the house nor the players because everything happens anonymously.

[Saisher]

I think they increased tax because one who can afford gambling even after covid-19 has excessive money and government would love to take some .

I think they badly need money, Argentina has one of the worse CoVid case and they want money and need money and they will get it in any industry that makes a profit in times of pandemic and online gambling is one of the industry that making huge profit from lock down, because people are at home and had a lot of time to play.

[Japinat]

I think they increased tax because one who can afford gambling even after covid-19 has excessive money and government would love to take some .

I think they badly need money, Argentina has one of the worse CoVid case and they want money and need money and they will get it in any industry that makes a profit in times of pandemic and online gambling is one of the industry that making huge profit from lock down, because people are at home and had a lot of time to play.

Who does not need money in the present time, we are all affected with the pandemic, even the richest country have struggled economically. Argentina is just raising their taxes on casinos, but they are already allow them to operate so they already know that gambling taxes is a big source for tax income and they also know that even if they will raised the tax, it will not affect the industry a lot compared to other industries.

[bryant.coleman]

Who does not need money in the present time, we are all affected with the pandemic, even the richest country have struggled economically. Argentina is just raising their taxes on casinos, but they are already allow them to operate so they already know that gambling taxes is a big source for tax income and they also know that even if they will raised the tax, it will not affect the industry a lot compared to other industries.

This is not the time to raise taxes, unless you want the businesses to go bankrupt. Casinos and other businesses have seen a disproportionate decline in their revenues. Many of the small and medium sized casinos have closed down, unable to pay the wages to their employees. At this time, it is ironic that the government is going ahead with a tax increase. Sometimes I think that these Latin American politicians use some organ other than brain to make the decisions.

[Yamifoud]

Who does not need money in the present time, we are all affected with the pandemic, even the richest country have struggled economically. Argentina is just raising their taxes on casinos, but they are already allow them to operate so they already know that gambling taxes is a big source for tax income and they also know that even if they will raised the tax, it will not affect the industry a lot compared to other industries.

This is not the time to raise taxes, unless you want the businesses to go bankrupt. Casinos and other businesses have seen a disproportionate decline in their revenues. Many of the small and medium sized casinos have closed down, unable to pay the wages to their employees. At this time, it is ironic that the government is going ahead with a tax increase. Sometimes I think that these Latin American politicians use some organ other than brain to make the decisions.

Very unfortunate how the government isn't looking at those instances instead of focusing on milking from gambling instituitons. I'm not sure if they are desperate to think that way or the purpose to stop people from gambling.
I understand that they have a reason for asking for taxes but that was not favorable in today's situation. Though gambling institutions won't agree but that was already been exercised and they are obliged to pay otherwise, they can no longer operate.

[dunfida]

Who does not need money in the present time, we are all affected with the pandemic, even the richest country have struggled economically. Argentina is just raising their taxes on casinos, but they are already allow them to operate so they already know that gambling taxes is a big source for tax income and they also know that even if they will raised the tax, it will not affect the industry a lot compared to other industries.

This is not the time to raise taxes, unless you want the businesses to go bankrupt. Casinos and other businesses have seen a disproportionate decline in their revenues. Many of the small and medium sized casinos have closed down, unable to pay the wages to their employees. At this time, it is ironic that the government is going ahead with a tax increase. Sometimes I think that these Latin American politicians use some organ other than brain to make the decisions.

Very unfortunate how the government isn't looking at those instances instead of focusing on milking from gambling instituitons. I'm not sure if they are desperate to think that way or the purpose to stop people from gambling.
I understand that they have a reason for asking for taxes but that was not favorable in today's situation. Though gambling institutions won't agree but that was already been exercised and they are obliged to pay otherwise, they can no longer operate.

They would always have that kind of option because they do know that gambling businesses does generate more income than with other industries so its no brainer
that they will really be having this first option before anything else and such increase doesnt always signify that they are trying  to limit out their citizens gambling
activity but rather they do aim for the tax itself which would really be implied into those typical sectors.What matter most here is on how they do make use of
those taxes in a good or effective way.Gambling business owners will suffer but to expect this will be passed up into their users partially.

[bryant.coleman]

They would always have that kind of option because they do know that gambling businesses does generate more income than with other industries so its no brainer

Your post is quite perplexing. Obviously some of the casinos are being owned by billionaires such as Sheldon Adelson and Lui Che Woo. But a majority of them are small to medium sized businesses. In the United States for example, there are small casinos run by various native American reservations. And an increase in tax level is more likely to have an impact on these smaller casinos rather than the larger ones.

[peter0425]

Most countries, not only Argentina, are raising their taxes that every country worldwide is also raising their taxes to dampen economic growth and inflation pressure. It is why the government in Argentina has started to raise gambling taxes because they could collect nearly billions of dollars in revenue in gambling instead of accumulating taxes on goods and other important products.

I think it is exaggerated to Say that Every country Worldwide Because So far In my country There are no News of The government is Increasing the Taxation in a certain thing,Or maybe our government don't wanna have it now but for sure there is a concrete plan after this pandemic because the true problem is not the Covid itself instead it is the effect after Its Gone.
If how much damage it brings and How can each country recovers from this.

[matchi2011]

Who does not need money in the present time, we are all affected with the pandemic, even the richest country have struggled economically. Argentina is just raising their taxes on casinos, but they are already allow them to operate so they already know that gambling taxes is a big source for tax income and they also know that even if they will raised the tax, it will not affect the industry a lot compared to other industries.

This is not the time to raise taxes, unless you want the businesses to go bankrupt. Casinos and other businesses have seen a disproportionate decline in their revenues. Many of the small and medium sized casinos have closed down, unable to pay the wages to their employees. At this time, it is ironic that the government is going ahead with a tax increase. Sometimes I think that these Latin American politicians use some organ other than brain to make the decisions.

Awts! seems you nailed it if we speak about realities, this pandemic hits every businesses, though online casinos able to manage but the volumes of money is no longer the same compared to normal situation.

This is not the time but government are only seeking for resources where they can resort for extra money to use, hard for  everyone but if it's already been approved nothing that they can do to refuse.

[Viscore]

Who does not need money in the present time, we are all affected with the pandemic, even the richest country have struggled economically. Argentina is just raising their taxes on casinos, but they are already allow them to operate so they already know that gambling taxes is a big source for tax income and they also know that even if they will raised the tax, it will not affect the industry a lot compared to other industries.

This is not the time to raise taxes, unless you want the businesses to go bankrupt. Casinos and other businesses have seen a disproportionate decline in their revenues. Many of the small and medium sized casinos have closed down, unable to pay the wages to their employees. At this time, it is ironic that the government is going ahead with a tax increase. Sometimes I think that these Latin American politicians use some organ other than brain to make the decisions.

Awts! seems you nailed it if we speak about realities, this pandemic hits every businesses, though online casinos able to manage but the volumes of money is no longer the same compared to normal situation.

This is not the time but government are only seeking for resources where they can resort for extra money to use, hard for  everyone but if it's already been approved nothing that they can do to refuse.

Government has no other option but to raise taxes in order to increase their revenue, they are bailing out people affected and that is coming from their budget, and I don't think government would increase taxes without consider all the necessary factors before making a decision.

[ethereumhunter]

Government has no other option but to raise taxes in order to increase their revenue, they are bailing out people affected and that is coming from their budget, and I don't think government would increase taxes without consider all the necessary factors before making a decision.

But the government can raise their taxes step by step, so people are not worried if they can not pay the taxes. It will need wisdom from the government to think about their people, so their people can still pay the taxes, and people will not make an objection with the new regulation from the government. I think if there is a discussion between the government and the people, the problem will be solved, and their people could still pay the taxes.

[xSkylarx]

Government has no other option but to raise taxes in order to increase their revenue, they are bailing out people affected and that is coming from their budget, and I don't think government would increase taxes without consider all the necessary factors before making a decision.

But the government can raise their taxes step by step, so people are not worried if they can not pay the taxes. It will need wisdom from the government to think about their people, so their people can still pay the taxes, and people will not make an objection with the new regulation from the government. I think if there is a discussion between the government and the people, the problem will be solved, and their people could still pay the taxes.

Government and its people won't agree to one thing if it's all about taxes. Not all have the same way of earning their money but all of them should pay the same amount of taxes. If you earn more than enough then I think you won't bother if they increase the tax but if you only earn enough or even less then you would oppose the government.

[abhiseshakana]

Government and its people won't agree to one thing if it's all about taxes. Not all have the same way of earning their money but all of them should pay the same amount of taxes. If you earn more than enough then I think you won't bother if they increase the tax but if you only earn enough or even less then you would oppose the government.

In my opinion, a few things that make people reluctant to pay taxes are because these taxes are not used 100% according to the target. So that many people become disappointed, and feel that it is useless for them to have to pay taxes which is likely to be corrupted by unscrupulous powerful people. Whereas taxes should be used by the government to fund projects and public services.

Maybe if the target of the tax collection is 100% used properly, then many people would willingly pay taxes, especially if the goal is to help the Covid problem.