jrrsparkles
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June 15, 2021, 01:47:40 PM |
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UK doesn't have tax for gambling earning while US can collect upto 30 to 40% as tax which depends but still both countries are developed nations.
Imposing taxes is the only way to generate revenue by the countries but the tax rate should be fair, since most people lose their money in gambling and only few of them are making money on that the government collect half as tax doesn't sounds good.
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Reatim
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June 15, 2021, 01:59:39 PM |
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I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.
Now I'm wondering, does implementing a tax on a gambling platform will really help a country?
- What are the pros and cons of it? - What should be the proper tax percentage for you that they should impose. - Will this be a bad thing for gamblers?
Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...
No it isn't because the operator will only charge that to the gambler as if they will let shouldering that taxes on their own? and will be taken from their Bag of money? so in the end of the day still it is the gambler that suffers and not the gambling operators .
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Cling18
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June 15, 2021, 04:27:28 PM |
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As for me, yes, it helps a country survive and sustain all their people's needs especially during this pandemic where some countries support their people financially. However, we can't also deny the fact that it's also one of the sources of corruption which is part of politics. Huge gambling companies allow tax regulations so they would be eligible to run their gambling company continuously.
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Welsh
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June 15, 2021, 05:23:19 PM |
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1. There is zero enforceability when it comes to gambling taxes. Most of the gaming platforms that are commonly used are currently unregulated by any responsible board - and most of them aren't even in the jurisdiction of any single country.
Depending on your country of residence, you might be required to actually declare your taxes on gambling earnings. Although, most countries that I know of have zero tax on gambling earnings. However, I think this would depend on whether the place that you gambled at is registered, and actually recognized as a gambling website. Since, most crypto gambling sites appear to not be licensed, this would actually mean your earnings are taxable in most countries. For example, to operate a gambling website in the UK or even offer to UK residents you need to be registered, and accepted by the gambling commission. If you aren't, then I believe your customers would have to declare the earnings to the tax man, and the tax man would then decide whether or not its taxable. I'm not super up to date with the laws when it comes to gambling taxes when a gambling outlet isn't licensed, but I'm pretty sure it would be deemed taxable income since its not recognized as a gambling outlet officially.
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avikz
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June 15, 2021, 05:34:53 PM |
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I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.
Now I'm wondering, does implementing a tax on a gambling platform will really help a country?
- What are the pros and cons of it? - What should be the proper tax percentage for you that they should impose. - Will this be a bad thing for gamblers?
Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...
Well I would like to share two threads started by me few years ago. The numbers may be slightly outdated but the context is same. Part 1: USA https://bitcointalk.org/index.php?topic=4308093.0Part 2: Macau https://bitcointalk.org/index.php?topic=4324507.0These threads should answer your queries pretty well.
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Yogee
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June 15, 2021, 05:47:25 PM |
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Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...
There are no Governments that collect taxes from these online casinos apart from the country they were registered or licensed. It's levied on the players or gamblers. Authorities will be able to track these income through the KYC verification of custodial services and centralized exchanges.
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acquafredda
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June 15, 2021, 05:53:31 PM |
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Having taxes on gambling is like having taxes on tobacco because, at the end of day, it is about having a trade-off between the money earnd as taxes and problem created from the addictions. This is really it and the higher the taxes, the bigger the problems really. Here in Italy the estimate of social costs of gambling obtained in a study amounted to 2.7 billion euros. (Estimated cost per player was €2,211). It is quite a big number.
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ShowOff
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June 15, 2021, 06:07:02 PM |
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I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.
Now I'm wondering, does implementing a tax on a gambling platform will really help a country?
- What are the pros and cons of it? - What should be the proper tax percentage for you that they should impose. - Will this be a bad thing for gamblers?
Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...
OP, I'm sure you have the answer to what you're currently asking us. I don't see anything for your opinion as the user who started the thread on the question. - I think you already have a lot of answers about the advantage of taxes, but very few about the disadvantage. I feel that non-transparent tax management will be a weakness of tax application in any sector in a country. Taxes are a pile of money for corrupt officials in many countries and it is bad for the country itself.
- I think 1-10% is a percentage that gamblers would probably agree with. But it is up to the countries and government themselve how they have to make it friendly for physical site/ casino and players while they have to care enough about the problem addict face.
- Taxes are not always considered bad by gambler if the percentage is not too large and is used on target. But when the percentage reach 20%-40% and its use is not on target, it will be something that is considered bad.
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mv1986
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June 15, 2021, 06:22:42 PM |
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I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.
Now I'm wondering, does implementing a tax on a gambling platform will really help a country?
- What are the pros and cons of it? - What should be the proper tax percentage for you that they should impose. - Will this be a bad thing for gamblers?
Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...
The cons from a player's point of view is obvious: if you have to pay taxes, you have less money in your pocket. From a government's point of view it is a bit more tricky, at least in some countries I know: you have a tax code and that code says that once you are forced to pay income taxes on one class of income, you must also be able to deduct costs and losses. That is what makes it difficult for states to tax gambling winnings. There is no such thing as a one sided tax, meaning that once you win you have to pay but once you lose you are wrecked and can't deduct. Casinos pay taxes usually in some jurisdiction, although especially in Europe there are good spots for casinos to set up their business such that they must still hardly pay any tax. I can imagine though in particular countries like France, Germany, maybe some others will crack down on that now.
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Mahanton
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June 15, 2021, 06:30:30 PM |
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I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.
Now I'm wondering, does implementing a tax on a gambling platform will really help a country?
- What are the pros and cons of it? - What should be the proper tax percentage for you that they should impose. - Will this be a bad thing for gamblers?
Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...
Does really help a country? Yes, these taxation wont exist for nothing and knowing gambling industry is one of the most biggest contributor. Pros and Cons? For Pros then it would really be beneficial for the economy and cons would only be into those business owners but depending on how much they've been asking. Proper percentage tax? Depends because not all countries would have the same views and perceptions on things. Gamblers had nothing to do with this unless if the house itself will impose some sort of additional or increase of base bets or other related thing.
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dothebeats
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June 15, 2021, 07:12:12 PM |
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It does, especially if there are lots of gambling platforms to get taxes from. It adds up, and will eventually make a good chunk of tax proceeds which will then help the government fund projects for the benefit of the population. Even though the anti-establishment on me still lingers every time the government fucks up, I still believe that the right amount of taxation coupled with intelligent management of funds goes a long way. We've seen socialist countries implement aggressive tax rates and still do pretty well without its population complaining because they are receiving the best care. It only really depends on how the government uses the tax funds for it to be seen as beneficial rather than detrimental.
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blockman
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June 15, 2021, 07:38:41 PM |
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Not a bad thing for gamblers. I saw many times that even lottery winners have to pay taxes if their winnings aren't tax-free. But if it's tax-free then that's a better amount for them to get on. And taxation is helpful to a country as long as it's coming from a legitimate business, it shall help and contribute to its economy. Look at those countries or cities that have the main source coming from gambling. That's how taxes are making their cities or countries keep going because of their industry.
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DoublerHunter
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June 15, 2021, 08:12:31 PM |
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Tax is the blood of the economy, they make the public roads, the public schools, the public and government hospitals. Pros of taxing a gambling platform is that the government is able to get a really big tax since gambling houses earn a lot of money and close to zero losses in a day sometimes. Cons is that if the government is comprised of corrupt officials then the taxes will be for nothing.
^ That is a perfect answer, through tax government have different allocations on it just like eductions, buildings all public staff that working on the government they had paid through tax. But I think the biggest allocation that the fund comes from the tax is the health program and livelihood program which is government expend a big percentage on it. As I say yes, it has a big help and it will contribute to having economic growth and seems like what happens on Covid 19, governments were so down at that time because people need financial support, they had open different gambling casino so that it will generate profit that can be taxable.
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AmoreJaz
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June 15, 2021, 09:29:56 PM |
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Tax is the blood of the economy, they make the public roads, the public schools, the public and government hospitals. Pros of taxing a gambling platform is that the government is able to get a really big tax since gambling houses earn a lot of money and close to zero losses in a day sometimes. Cons is that if the government is comprised of corrupt officials then the taxes will be for nothing.
^ That is a perfect answer, through tax government have different allocations on it just like eductions, buildings all public staff that working on the government they had paid through tax. But I think the biggest allocation that the fund comes from the tax is the health program and livelihood program which is government expend a big percentage on it. As I say yes, it has a big help and it will contribute to having economic growth and seems like what happens on Covid 19, governments were so down at that time because people need financial support, they had open different gambling casino so that it will generate profit that can be taxable. indeed! tax coming from gambling businesses are very important to the economy of the country or a certain area. they are one of the few businesses that thrive even during this pandemic. and the tax coming from them is significant in recovering their economy. and yes, it is very much possible that with large amount of money that they disbursed to the government, there will be corrupt govt officials that will take advantage of their business. though it depends on the government what percentage they want to impose on this kind of business, i believe they should have certain basis of why they are charging such percentage of tax. it should be both a win-win situation for both parties, so they can continue their business and the government can take their share. otherwise, if it will be a loss from the gambling side, they will be forced to shutdown their business and that's not good for the government as well.
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just_Alice
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June 15, 2021, 10:09:00 PM |
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It does have a positive impact, that's why many countries permitted gambling business over the pandemic in the first place. The pros are, obviously, more money to rebuild the country and improve the economy. The % should depend on the country itself, IMO. Such things as the taxation system, income taxes, average salary, the general quality of life, etc. should obviously be taken into account. The cons are that high taxes might slow down gambling business development. I don't think this would have any impact on gamblers assuming that there will be no tax on winnings. But even if there was, I don't think this would change anything, as gamblers are more in for the game and it's the fact of winning and the emotions that matter, rather than taking the whole prize.
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Lanatsa
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June 15, 2021, 10:36:30 PM |
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Taxation wont be existing if it wasn't really relevant nor useless at all and to think that on where the government would get some funds for countries development then it would really be main in tax.
Its just common sense that tax is really needed and mentioned to be the blood of the economy and without this then it would be all a non developing one.
10-20% tax for gambling business is already considerable though and also there are countries which do ask out even more but we cant do something about it if their government do really ask or require out.
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Rengga Jati
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June 15, 2021, 10:58:30 PM |
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- What are the pros and cons of it?
Simply, I am sure that if gambling in the country is legal, they will need taxes to pay. The pros are about the cou8ntry can have more income from taxes and this may be good for the country and its society, While the cons, it may really make some gamblers being pressed with they need to pay high fees. What should be the proper tax percentage for you that they should impose.
It will vary on what country and also platforms. Some countries have determined the tax based on the average income and also its taxes. However, some countries also have very high taxes for gambling that can make many people not to gambling anymore. ut, of course, some big companies will continue it because the gambling business is very worth it. Will this be a bad thing for gamblers?
It will depend on the gambler itself, if he feels safe with the taxes, it is no problme. But once more, the high cost of gambling will make the gamblers themselves feel depressed.
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qwertyup23
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June 15, 2021, 11:30:39 PM Last edit: June 16, 2021, 12:24:47 AM by qwertyup23 |
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Yes, it does. Anything that involves the taxing of an establishment or a specific activity generally helps the country as it serves as the revenue for the expenditure of a country.
Like what some have already mentioned in this thread, tax contributes immensely to the economy as it enables the government to pursue their economic activity through the revenue garnered from the tax. Without any tax gathered, this would limit the expenditure and creation of projects by the government that could improve the lives of the country. But, there are requisites to the taxing power as it must be fair and equitable in order to prevent any chaos and abuse from the government.
Of course, this is the ideal concept of tax considering that the government fulfills so their duty to its citizens.
"The power to tax involves the power to destroy.." - Justice John Marshall
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Darker45
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June 16, 2021, 01:25:47 AM |
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Now I'm wondering, does implementing a tax on a gambling platform will really help a country? Of course, it does. The country needs money. The primary way for any state to acquire money is through taxation. Gambling platforms are just one source of tax revenue for the country. And I don't think they should be exempted. As a matter of fact, if I were to decide, gambling platforms should be paying more taxes than other businesses. It is because gambling is a luxury. It is never a necessity to anybody. If the state is imposing taxes on the most basic of needs of its citizens, there is no reason why it shouldn't do the same, even more, to gambling. Finally, gambling platforms are money machines. They are like wishing wells where people throw money into. They have a lot of money. They should pay up.
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kotajikikox
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June 16, 2021, 02:47:15 AM |
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I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.
actually some countries had already implemented on this .. and now there are others that considering that instance . Now I'm wondering, does implementing a tax on a gambling platform will really help a country?
Help in what way? does the tax will really impact the economy? - What are the pros and cons of it? - What should be the proper tax percentage for you that they should impose. - Will this be a bad thing for gamblers?
the answer imply by one , and that is will give bad thing to the gamblers . Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...
There is no impossible for the government to what may imply . and surely if this will be on top then it will happen then.
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