Japinat
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March 26, 2023, 12:38:17 PM |
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There are no taxes in our country for gambling. It's the gambling operators who pay significant taxes as they win most of the time. If gamblers were required to pay taxes, that would be a double burden, as most gamblers lose money. Moreover, many people in our country do not make a lot of money, the inflation rate is high, and many are struggling financially. Hence, gambling is not really promoted, and only a few gambling operators are running their business legally.
That's why I mostly use a crypto gambling site, so I can gamble freely.
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Cantsay
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March 26, 2023, 12:42:15 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
Come to think of it, I haven't really been concerned about the government and its tax on gambling. Or maybe it's because of the little amount of time I spend on gambling and also because of the small funds I use to gamble that's why my mind haven't been to the tax that's been charged. I guess they those in charge of the gambling site or casinos might be asked to pay taxes but for gamblers I doubt that they pay any taxes for gambling. It's gonna be hilarious if you are made to pay tax after losing all your money to the casino.
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Yogee
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March 26, 2023, 12:55:54 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos).
I read up a bit on this. It's not that absolute since the law says it depends if you're a professional gambler or just a casual punter. Needless to say that it's the professionals who are charged with taxes on winnings but the different criterias on who are pro gamblers are a bit vague for me.
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Cookdata
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March 26, 2023, 12:56:53 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
The US will tax anything that comes with profits, and that's why I love Africa as a whole because the citizens wouldn't accept this. In my country, your net gambling winnings are not subject to taxation under the law, not even withdrawal fees when you withdraw your money using Fiat because it goes straight to the bank. The only tax you pay is VAT, which is usually levied against everyone when their income exceeds a certain amount. The US can tax anything as long as the citizen is bringing money into their country, which seems cruel to me, perhaps because I'm not used to it and my country doesn't operate that way. However, when I give it some serious thought, the citizens are benefiting from all of their taxes because they receive basic and social amenities for their money, unlike in Africa where things are not really working that much.
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Distinctin
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March 26, 2023, 12:58:22 PM |
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If I keep winning, then I'm okay with paying taxes to help the government. Unfortunately, if I check my overall performance, I'm at a net loss. So, how can I still play for the taxes? Countries that require gamblers to pay taxes may be using it as a way to minimize public interest in gambling. They may also be sending a message that only those who can afford to gamble should do so.
However, this approach does not work in poor countries where the poverty rate is high. Some countries even ban gambling as it's a main reason why people get into loans that could destroy their lives.
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uneng
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March 26, 2023, 01:07:15 PM |
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There is a regulation in development right now in my country which will force gamblers to pay 30% of their winnings as taxes to the government, that is the same percentage of taxes someone who plays and win at the federal lottery also has to pay. Now they are increasing the range of effect of this law to online gambling as well.
In my opinion that is a very expensive tax, considering most gamblers won't be able to win on long run, and the few who will be able to do this, will have to give up 1/3 of their prize to the government, which didn't take any risks to grab that sum of money, while the gambler took all the risk by himself.
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QueenVera
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March 26, 2023, 01:18:50 PM |
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There is a tax on gambling in Nigeria, and the Federal Inland Revenue Service (FIRS) enforces the relevant tax laws. Gambling operators in Nigeria are required to register and pay taxes on their profits under Nigerian tax laws. In Nigeria, gambling operators pay different taxes based on the type of gambling activity they engage in. For instance, the tax rate for sports betting is 7.5% of the total turnover, while the tax rate for casino gambling is 5% of the total turnover.
From your post, it seems it's the responsibility of the house to pay the tax and not tye players I guess and if it's so then I have no issues with taxation then but on the other I thought the taxes was to paid by the gambler after winning a bet and it didn't seem right with me paying any tax on my winning when the government isn't taking any part in my losses, so they shouldn't be part of the winnings. I also think 7.5 percent tax is way too much for a casino who has other things to meet up with and there is no way it would be easy for the house, no wonder we don't have much of these casinos in my country because the law is already high on them and they don't want to be victimized.
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Lucius
Legendary
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March 26, 2023, 01:39:47 PM |
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If, for example, I were to win 10 million EUR on the EuroJackpot lottery, I would pay a tax of 30%, and that is the maximum amount of tax that ranges from 10-30%, depending on the amount you win. When it comes to sports betting, tax is paid on all winnings (automatically - they take that amount from you when paying) and that tax amounts to 10% on every winning up to approximately EUR 1500, and the higher the amount, the higher the tax.
In addition, an additional 5% is paid when making a payment (manipulative cost) when it comes to sports betting.
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NeilLostBitCoin
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March 26, 2023, 01:45:48 PM |
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Yes, our country tax gambling winnings. For Lottery, Casino games, and e-sabong (online cockfighting), the tax would be a 20 percent withholding tax if it exceeds 10,000 in Philippine Pesos approximately ($185). I'm sure many people in our country don't pay taxes from winnings in gambling unless it's enormous. You can't avoid tax for sure if you win the lottery. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Awaklara
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March 26, 2023, 01:51:03 PM |
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I'm curious as to how many other users have to pay taxes on their winnings.
each state has its regulations to govern gambling. if they legalized gambling, of course, the government would have to tax the gambling industry as well. and I think that's fair. it would be different if taxes were imposed for countries where gambling is prohibited. it just doesn't make sense. it will be like when we eat in a restaurant. we also have to pay taxes for what we eat, or where we eat. it's also like us buying a car, the government legalizes its residents to own a car, and of course, some taxes must be paid.
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Slow death
Legendary
Online
Activity: 3136
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Leading Crypto Sports Betting & Casino Platform
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March 26, 2023, 02:00:11 PM |
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in the case of my country, the government does not charge tax to the lottery winner, for example, but the government charges tax when the person buys the lottery ticket, the lottery company when they sell tickets they put a ticket price that already includes the tax, that's why when we buy a ticket we don't realize that in my country. physical casinos pay tax in my country and it is 20% annually and there is a tax they pay every 15, but it is a very small percentage, the government of my country adopted this measure to encourage many people to open many casinos in my country parents to make my country's tourism sector a very competitive sector and attract many tourists
maybe that's the only good thing my country's government has done, because they are greedy and I imagine that the casinos and hotels in my country belong to the people of the government and political party that has been governing for more than 40 years and nothing changes, everything gets worse. I doubt that any poor person can go to the casinos in my country to play, the few poor people who go to the physical casinos in my country are people who steal, rob and kidnap other people
well, for now we don't pay tax in my country, only casino owners pay, but unfortunately physical casinos in my country are only for rich people
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pawanjain
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March 26, 2023, 02:03:04 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
Yes it does. I live in India and we have taxes on gambling and we have taxes on crypto incomes. Taxation on gambling income is around 31.2% in India while other crypto income is taxed at 30%. So it's quite unclear whether crypto gambling would be taxed at 30% or 31.2%.
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coin-investor
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March 26, 2023, 02:05:45 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
You're lucky that your country is not taxing you on your gambling winning, here in our country, lottery winning of $200 or more are subject to a 20% tax which is very huge but the lottery here in our country is government funded and run and a huge portion goes directly to social health for those in needy I don't mind at all because I once get help from these government agencies, I have a lot of friends who are addicted to playing lotteries because they want to win and at the same time they want to contribute to its revenues where the poorest of the poor are the one who benefits.
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Hirose UK
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March 26, 2023, 02:26:25 PM |
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My country prohibits gambling and no one dares to publicize betting or casino activities. There are one or two online casinos in my country but they don't have a license and it's just a matter of time for them to be shut down by the government. The government and legal parliament of my country are fighting all forms of gambling even if someone is caught with evidence then a prison sentence will be given. So there is no tax on gambling winnings earned by my citizens.
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CarnagexD
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March 26, 2023, 02:39:41 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
Yeah, Philippines does. I don't see it it as a penalty, it is more like an obligation to pay tax from all sources of income, legal or illegal. It just becomes impractical and challenging to collect income taxes from illegal winnings because it is not regulated by the government. The usual reason why Filipinos get mad when we have high income taxes to pay is because we cannot see where the taxes are going or if we do, it falls in the wrong hands and places.
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YOSHIE
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March 26, 2023, 02:58:24 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos).
As far as I know, every illegal activity is not included in the government's tax data, not only Australia, my country is the same, the gambling industry is illegal, so there is no tax on winnings. However, even though the majority of industries operating in my area are illegal, there are gambling websites that are protected by local authorities in secret, whether gambling sites are taxed I don't know for sure, it seems that maybe the tax was imposed on the gambling site illegally too, what is certain is that the gambling site is free to operate, even though it is illegal. Overall I don't trust the tax authorities in my country, whether they collect it or not, there are many corruption cases there, the important thing is I bet on the gambling site and win without tax deductions.
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robelneo
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March 26, 2023, 03:01:58 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
All fiat-based gambling platforms here in our country are being taxed by our government badly needed money so they go for taxes, the only platform that they dd not or so far did not taxed are Cryptocurrency online casinos because our government is concentrating on everything physical to tax that they forgot or have not found a way yet to tax online casinos that are located offshore, but local online casinos are already taxed.
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Gozie51
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March 26, 2023, 03:17:35 PM |
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You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
The government usually don't concentrate on the winning to tax on it because that may not be easy to ascertain. The government that levy tax on gambling do that at the point of withdrawal which could be through income tax. That is it is charged as an income levied and not on how much won but how much you want to withdraw. In my country it is not a known phenomenon that tax are charged on a winning withdrawal especially if it is very minor and may not need KYC or any other form of identification but if it is huge amount that has to be moved out from the bank, maybe some form of tax on the money may be levied. Apart from the gambler, the owners of casino and gambling companies pay tax to the government and maybe such tax indemnify other forms of taxes from the customers.
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piebeyb
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March 26, 2023, 03:26:01 PM |
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in my country gambling is strictly prohibited even in fact gambling was very illegal in my country and also the government at that time got income from casino taxes and other gambling, but now gambling is completely prohibited in my country so don't know about it but if gambling is legalized of course the government will ask for taxes from casinos or gamblers' winnings the same as crypto exchanges in my country are taxed.
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Trade on the go. Anywhere, anytime.
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Tumanggor
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March 26, 2023, 03:44:51 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
in my country, gambling is illegal so most players play in secret and if someone wins, the winnings tax will not be charged btw, I'm curious about the reason behind Australia exempting taxes from gambling winners, does Australia have a target to become a gambler's tourist destination
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