BITCOIN4X
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June 08, 2021, 10:54:43 AM |
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If i see ukraine doing as i see in this article i think it will be bad for the players themselves, if taxation is passed on to the winner. Some will say it's outrageous, but others will agree with a winning tax cut. I wouldn't think that small scale gamblers would have a problem with taxe their winning because as long as they don't bet thousand or million of dollar then I would think they would be tax safe. Only gambling whales will think about the amount of tax they will pay the government, while another else is a tax-safe gambler. However, you may hear that lottery winners will surrender to give part of their winnings to the government for taxes. OP, 10% may be a small number compared to other countries' tax laws, but is it much less for a winners tax?
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bryant.coleman
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June 08, 2021, 11:02:38 AM |
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I don't think that the proposed rate of 10% is too low. Gambling industry doesn't have very big profit margins, so it is not viable to tax them at the default corporate tax rates. And also remember that the tax is applicable on gross revenues, and not on the profit. So ideally I would argue for a rate even lower than 10%. But I like the attitude from the Ukrainian government. At least they are not prohibiting the gambling industry and pushing it to underground like many of the other countries are doing.
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btc78
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June 08, 2021, 11:16:36 AM |
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10% permanent taxation for gambling must be enough for this situation Ukrainian must understand what is the benefits of taxation for their country and also for their activities. Sometimes we are just looking for the bad effect but not for the good one. I don't think that the proposed rate of 10% is too low. Gambling industry doesn't have very big profit margins, so it is not viable to tax them at the default corporate tax rates. And also remember that the tax is applicable on gross revenues, and not on the profit. So ideally I would argue for a rate even lower than 10%. But I like the attitude from the Ukrainian government. At least they are not prohibiting the gambling industry and pushing it to underground like many of the other countries are doing.
I believe that 10% is best enough mate. not too high and not too low.
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slaman29
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June 08, 2021, 02:28:37 PM |
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Wait so before this there was no gambling tax in Ukraine? Damn, of course they should implement it:)
I mean, even in my country where you don't see casinos because they're just not allowed, there is a gaming tax sometimes called entertainment tax on lotteries and number games:)
I think it's good to get revenue from gambling, knowing that it does put a small burden on the country.
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ShowOff
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June 08, 2021, 03:16:51 PM |
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I mean, even in my country where you don't see casinos because they're just not allowed, there is a gaming tax sometimes called entertainment tax on lotteries and number games:) I don't think a tax would be imposed by the government on them in a country that prohibit gambling like my country because it become illogical when they ban it. I think it's good to get revenue from gambling, knowing that it does put a small burden on the country. Taxes from gambling will help the government to earn extra money as state revenue, especially in countries that have legalized gambling. Although 10% does not seem too big, it will help the government increase the state treasury during the pandemic.
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madnessteat
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June 08, 2021, 06:23:07 PM |
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Recently, in many countries of the former CIS there is a gradual impoverishment of the population, many businesses are closing because it is simply unrealistic to compete with Chinese production. Due to the decline in demand for oil and gas, the government is forced to increase the tax burden on business and the gambling business is no exception.
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Mahanton
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June 08, 2021, 06:59:35 PM |
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Recently, in many countries of the former CIS there is a gradual impoverishment of the population, many businesses are closing because it is simply unrealistic to compete with Chinese production. Due to the decline in demand for oil and gas, the government is forced to increase the tax burden on business and the gambling business is no exception.
Gambling business would be no exception considering on how big the business or industry is then no doubt that they would really be on the top of the list in case there would be sudden changes in talks of taxation on some business due to that lack or lesser revenue that they are getting on other businesses as well. It isnt surprising that they would make out sudden changes or decisions in regards to this but actually its just for the own good.
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Hydrogen
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June 08, 2021, 10:15:12 PM |
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Income taxes in the USA were originally marketed as a way to "punish the rich".
In 1913, when income taxes were legislated the wealthy paid 6% income taxes, everyone else paid 1%. Needless to say, it didn't take long for "punish the rich" income taxes to flip to a point where the poor were paying higher taxes than the rich. As normally occurs with "punish the rich" campaigns.
I guess the question here is what percentage of taxes is fair to people. How high can taxes go, before they're deemed unfair and need reform. Do people get their money's worth for taxes paid to governments.
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just_Alice
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June 08, 2021, 10:53:38 PM |
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This sure is an attempt to recover from serious losses and debts in Ukraine, resulting from decades of corruption and now, in addition, a pandemic. Gambling became legal there only about a year ago because the government foresaw the upcoming losses, and now they're figuring out the taxes, because the previous laws suggested much higher taxes, which decreased the number of companies that want to get involved with this business.
But these laws are sneaky. For instance, in addition to taxes, there's also a huge amount of money one needs to pay for a license, which ranges from $70,000 to $13.5 million depending on the type of gambling business ($1.5 million for online gambling).
And these 10% taxes are only "gambling taxes", but there are also additional 18% taxes on business revenue (as gambling is also a business). So in the end, an average person wouldn't be able to run such a business. Even with decreased taxes you still need a lot of money, especially in the beginning.
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KennyR
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June 08, 2021, 11:22:37 PM |
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Tax money is the source for the government and when they meet with unexpected needs like the pandemic, what they do is add up tax. The proposal by Ukraine in my view is acceptable, because they're not into taxation of the essential things. In certain countries taxes were increased on the essential things. Already People are suffering financially, the taxes once again adds pain.
Particularly on the fuel price which leads to the hike in the price of each and everything.
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MCobian
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June 08, 2021, 11:23:32 PM |
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Wait so before this there was no gambling tax in Ukraine? Damn, of course they should implement it:)
I mean, even in my country where you don't see casinos because they're just not allowed, there is a gaming tax sometimes called entertainment tax on lotteries and number games:)
I think it's good to get revenue from gambling, knowing that it does put a small burden on the country.
Taxes are very important for the state to be able to get money that can be used for government projects that aim to make the population prosperous. This means that the purpose of imposing taxes is good, so I agree that the Ukrainian government should impose taxes if gambling is legal. Because not all countries legalize gambling, it is impossible for countries to get taxes from the gambling industry if the country prohibits gambling. Taxes from gambling should be able to help the Ukrainian government, because we know the circulation of money in the gambling world is very large. Even though I am not a Ukrainian citizen, I support the Ukrainian government to impose taxes. It is for the good of Ukrainian citizens themselves. The most important thing is that the Ukrainian government must be right in utilizing the taxes obtained from the gambling.
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madnessteat
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June 09, 2021, 06:49:08 AM |
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Tax money is the source for the government and when they meet with unexpected needs like the pandemic, what they do is add up tax. The proposal by Ukraine in my view is acceptable, because they're not into taxation of the essential things. In certain countries taxes were increased on the essential things. Already People are suffering financially, the taxes once again adds pain.
Particularly on the fuel price which leads to the hike in the price of each and everything.
I believe that raising taxes is an admission that the government is not able to properly manage the funds coming into the treasury, and without this it is impossible to raise the economy of the country. Instead of raising taxes, we need to think about how to minimize spending on management, how to increase the number of jobs and retrain workers if necessary.
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Kong Hey Pakboy
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June 09, 2021, 07:33:59 AM |
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Tax money is the source for the government and when they meet with unexpected needs like the pandemic, what they do is add up tax. The proposal by Ukraine in my view is acceptable, because they're not into taxation of the essential things. In certain countries taxes were increased on the essential things. Already People are suffering financially, the taxes once again adds pain.
Particularly on the fuel price which leads to the hike in the price of each and everything.
If the taxes are properly spent and they all benefit the public, I don't have any worries about paying bigger taxes, look at Scandinavian Peninsula, some of the countries there have some of the biggest taxes in Europe but they were able to justifiy it with a universal healthcare and a free colleges or sometimes even paid to study in their universities and social welfare.
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michellee
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June 09, 2021, 12:07:03 PM |
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Tax money is the source for the government and when they meet with unexpected needs like the pandemic, what they do is add up tax. The proposal by Ukraine in my view is acceptable, because they're not into taxation of the essential things. In certain countries taxes were increased on the essential things. Already People are suffering financially, the taxes once again adds pain.
Particularly on the fuel price which leads to the hike in the price of each and everything.
But if the government just raises the taxes without discussing with the other element, I am afraid to demonstrate from the business owner because, in this pandemic, they feel it is hard to make a profit. Maybe tax really help the country to survive in this pandemic, but the government needs to analyze to find which business or industry still survives. But they can not generalize one business for all business owners because that will depend on how big their company is. That will be the same if they want to use the regulation to the gambling industry because, as we know, that gambling business will depend on how much the owner uses their money to reopen their business again.
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imstillthebest
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June 09, 2021, 12:17:24 PM |
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10% is not a big amount and all of us can agree with that . The license fee is also supposed to hike which will cause probelms for the new companies. For the already established one's it might be a bad news nothing else but the government will soon see lower people interested in establishing their own companies. I do think the government is trying to compensate for covid and at the same time there are some probelms with Russia right now therefore they are trying to play safe and earn some money.
in the qoute it says they remove the hike in license fee . i dont know which one is correct but this is not a bad news for the owners that are done purchasing thier license but its a bad news for the new owners that are trying to build their own casino although this wont stop them for continuing in this business because there will also be gamblers that wont stop playing a gambling .
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worle1bm
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June 09, 2021, 01:20:56 PM |
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If you are getting legal recognition under the law of country at the stake of 10% tax proposals then it's not too high according to me because there are countries charging even higher tax amounts than this as shared by other members on the forum like France upto 84% seriously? Moreover house is earning a lot already so sharing with government to contribute for country's growth and social causes is not bad move at all.They can gain huge profits with increased customer base.But as casino owners will always have sharing of profits with third party as an issue but they need to think about it closely and accept this fact.
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slaman29
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June 09, 2021, 01:39:24 PM |
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Taxes are very important for the state to be able to get money that can be used for government projects that aim to make the population prosperous. This means that the purpose of imposing taxes is good, so I agree that the Ukrainian government should impose taxes if gambling is legal. Because not all countries legalize gambling, it is impossible for countries to get taxes from the gambling industry if the country prohibits gambling. Taxes from gambling should be able to help the Ukrainian government, because we know the circulation of money in the gambling world is very large. Even though I am not a Ukrainian citizen, I support the Ukrainian government to impose taxes. It is for the good of Ukrainian citizens themselves. The most important thing is that the Ukrainian government must be right in utilizing the taxes obtained from the gambling.
Yeah we all know what taxes do:) But the point for gambling tax isn't just to get revenue, which is what all vice tax is about, which is actually to help pay for the cost of consequences. Smoking tax: to help pay for medical bills to treat smoking patients. Gambling tax: to help pay for counseling and other support to treat addicts.
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avikz
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June 09, 2021, 01:40:18 PM |
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Ok, let's discuss it from the government's perspective. Usually a government reduces tx burden on certain activity if they want to promote it and vice versa. If a government wants to slowly discourage gambling activities in their country, they may not take some drastic steps because it would affect the employment and the entire industry. So they go ahead with phased increase in taxes and licensing fees to make it harder for new companies to join the bandwagon.
I think Ukraine government is planning some sort of phased erosion of gambling activities in their country. Definitely they will face a lot of backlash from the industry. But the final decision is yet to be seen.
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qwertyup23
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June 09, 2021, 01:59:50 PM |
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Ok, let's discuss it from the government's perspective. Usually a government reduces tx burden on certain activity if they want to promote it and vice versa. If a government wants to slowly discourage gambling activities in their country, they may not take some drastic steps because it would affect the employment and the entire industry. So they go ahead with phased increase in taxes and licensing fees to make it harder for new companies to join the bandwagon.
I think Ukraine government is planning some sort of phased erosion of gambling activities in their country. Definitely they will face a lot of backlash from the industry. But the final decision is yet to be seen.
To be honest this makes sense if the government is indeed, trying to prevent other businesses from joining this bandwagon. Personally, I see it on another perspective. Since the government sees that gambling establishments have been profitable over the past years (especially during this pandemic), it is normal for them to increase the taxes in order to get revenue. Such revenue now will enable the government to create projects for the benefit of their country. Of course, this scenario will happen in a perfect government where corruption is not present.
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paxmao
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June 09, 2021, 02:02:17 PM |
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Sound like not much to be honest, a 10% on winnings I assume? Or is in on corporate profit? Is it directly on any sum gambled on withdrawals? There are many ways to implement this and all of them have quite different results. For example, if it is on net yearly winning per individual it is not much but if it is 10% of any amount gambled at anytime... well that much more impacting in the gambling levels.
Curious how new regulations tend to appear more damaging for large companies, but as you say de facto they reduce the ability for new players to start their stuff.
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