Reid
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June 16, 2021, 03:49:05 PM |
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It's kind of a deep discussion when it comes to taxation. Of course, every government will put a tax on everything even with just 50 grams of salt in the grocery. They won't let a big business like a casino to get away from it. That's a large amount of money they will be missing. When it comes to an online gambling site, I believe they are taxed on what country their site is based at. Like for example, Sportsbet.io. Sportsbet.io is owned and operated by mBet Solutions NV (Schout Bij Nacht Doormanweg 40, P.O. Box 4745, Curaçao). It is licensed and regulated by the Government of Curaçao under the gaming license 1668/JAZ. Some payment methods are handled by its wholly owned subsidiary, mProcessing Solutions Ltd, Cyprus (Menandrou 4, 1066, Nicosia, Cyprus). https://sportsbet.io/sportsI won't worry about how the gamblers are taxed. Maybe with every bet, the tax is included in it or at withdrawal fees.
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Lordhermes
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June 16, 2021, 05:38:45 PM |
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In my country, the taxation is charged only on the gambling company and not in the players itself, gamblers have nothing to pay because they are in one way or the other contributing positively to the economy of a country, so the tax is been paid by the company when the time comes.
Also in my country, there are some betting shops that charges gamblers 10% on every winnings which the gambling company is not aware of, this sometimes causes gamblers to avoid gambling in some certain shop because of the rules.
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YOSHIE
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June 16, 2021, 06:15:00 PM |
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I am from a country gambling is not taxed which makes me not to know about the taxing,
If I'm not mistaken your country has started to apply the two-claps taxation rule, (1). Against casino gambling companies, (2). To the winner/bettor. I take point 1. Casino tax rules in nigeriaIf it happens that the tax collection on the casino is applied as in the article above, I agree, the casino does not suffer a loss, it is a profi, any casino that pays taxes, is safe, the bottom line: gambling addicts already feel safe and comfortable from negative actions. Point 2. I object to this, if the tax must be imposed on the players in gambling. Example: DOES TAX PAYMENT IS REQUIRED ON SPORTS BETTING WINNINGS IN NIGERIA?This can be burdensome on the part of the bettor. point 1, I agree, point 2, no.
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Oshosondy (OP)
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Gamble responsibly
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June 16, 2021, 06:37:14 PM |
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...
From your second link is the quote below, I have never been taxed before makes me to think tax is not paid by gamblers in my country but I know the gambling companies are paying taxes, which means it is because my losses are more than my winnings is the reason I did not noticed this. Also I have been preferring crypto gambling companies recently. I see your post helpful.
Having winnings from sports betting with taxes in Nigeria is responsibility of every gambler to pay on time. It will keep them on the safer side and they can enjoy gambling in the future too. Paying taxes to the government is good but it is not apply on the money you lose. The money you lose can be adjusted to the money you win so this is the advantage you can get while paying taxes.
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South Park
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June 16, 2021, 07:04:39 PM |
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I have idea about how cryptocurrencies are taxed by the governments, but I just want to be sure if it is the same as how gamblers are taxed. Normally, the gambling industry will never go broke and they are growing daily and able to pay the tax imposed on them by the government, but what about gamblers. In crypto, capital losses are not taxied, is this applicable to gamblers too?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
It depends on the jurisdiction but I am not aware of a place in which something like this applies, there are places where you are not charged any taxes for your gambling wins, this is great and this means that any money that you get from gambling is completely yours, there are other places where you need to pay a tax but you cannot use your previous losses to reduce the tax you are supposed to pay, after all gambling is not an investment unless you are a partial owner of the casino itself.
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Fredomago
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June 16, 2021, 07:08:18 PM |
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...
From your second link is the quote below, I have never been taxed before makes me to think tax is not paid by gamblers in my country but I know the gambling companies are paying taxes, which means it is because my losses are more than my winnings is the reason I did not noticed this. Also I have been preferring crypto gambling companies recently. I see your post helpful. Being said, the company are the one who oblige to pay taxes if the business is legally operating from te government, its been calculated from the income that th company are producing. Not sure if we do have same thing as I don't gamble offshore, I only deal with gambling using crypto and for now I'm okay with the current set up. Crypto gaming gives small player the luxury being anonymous online.
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jrrsparkles
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June 16, 2021, 07:38:25 PM |
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I have idea about how cryptocurrencies are taxed by the governments, but I just want to be sure if it is the same as how gamblers are taxed. Normally, the gambling industry will never go broke and they are growing daily and able to pay the tax imposed on them by the government, but what about gamblers. In crypto, capital losses are not taxied, is this applicable to gamblers too?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
AFAIK, gambling tax doesn't works like capital gain or loss tax method. Its very simple if you win certain amount from gambling the casino itself will deduct some amount for the tax purpose or you have to report and pay the tax according to your country's tax rate which depends on the country where you are live in. If there is no gambling tax in your country then all you need to report the income tax.
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ChuckBuck
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June 16, 2021, 09:04:35 PM |
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In my country, the taxation is charged only on the gambling company and not in the players itself, gamblers have nothing to pay because they are in one way or the other contributing positively to the economy of a country, so the tax is been paid by the company when the time comes.
Personally I think the tax is still charged to the gambler, but it will be made into another tax, for example income tax, although it is not collected separately, it is always collected by including in your income tax Also in my country, there are some betting shops that charges gamblers 10% on every winnings which the gambling company is not aware of, this sometimes causes gamblers to avoid gambling in some certain shop because of the rules.
Does the company not know? this is absurd, when a company can operate, they have to know all relevant rules and regulations, how can they operate without knowing about it?
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uneng
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June 16, 2021, 09:05:48 PM |
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Every person must seek for information on his own country, because the rules aren't the same for all, but basically what I've seen is that you have to present all your gambling activity every year to the IRS of your country, and calculate the final profit (or loss) during this year period. In case of loss there is nothing to be paid (probably), but in case of winning, there will be a percentage to be paid (over the winnings amount only).
However, when the individual wins the government's lottery, for an example, the tax is already discounted from the total prize on the moment of the payment. In this case I don't know if the gambler has to pay another tax over this winnings in the end of the year too, what would mean a double taxation. Taxation subject is a tricky one, because there are many hidden details aiming to eat more money from the contributor's pocket and we usually only spot them when we are in a situation like that for real.
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DoublerHunter
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June 16, 2021, 09:25:10 PM |
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~snip~ Aren't gamblers only taxed when they won huge prizes?
^ This is also what I am thinking for because as I understand it only deductible if only to the extent of your winnings, not the losses. For sure there will be a tax for the huge winning just like hitting a lottery jackpot and you are about to cash out millions of dollars in the bank. The money that you will declare as taxable are those your return income. Nevertheless, not all gambling winning especially if not a jackpot will mostly they did not declare to be taxable, not unless if your government are very strict about taxation.
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