maydna
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March 26, 2023, 03:56:31 PM |
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I don't pay any taxes for the wins I get, which also happens to my friends who can even get big wins. But perhaps, in some countries, the winners are asked to pay a tax that I don't know what it's called. I think it might be related to the KYC done in the casinos so that if there is an increase in the balance in the bank account, the government can trace it. If they find out that the increase in balance is from gambling, the government can demand additional taxes to be paid. I also don't know what form the government requires the tax so perhaps, it will be different for each country that charges gambling winners taxes.
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virasisog
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March 26, 2023, 04:22:09 PM |
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In our country, there is a specific amount of gambling winnings that they will tax and even though they can't track crypto-gambling activities, we are still being taxed indirectly when we cash out through banks and other local cryptocurrency apps. It's just a good thing that gambling is legal in our country but they only focus on fiat-based casinos. There's actually no problem in paying taxes in they will strictly require it but most gamblers don't declare their winnings.
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Yawa2020
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March 26, 2023, 04:33:40 PM |
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I don't get this whole thing... Wait! Are yo'll referring to gambling companies paying taxes or the gambler paying tax after winning? If it is the former, then it's fine since they are registered with government but if it is latter, how do they pay it? Like in which way? Is it deducted from the winning amount before they cash out to bank or after they cash out? I'm curious.
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Beparanf
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March 26, 2023, 04:58:47 PM |
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My country doesn’t have tax on online casino. Only physical casino, lottery and authorized e-games are being tax here. Our law maker is too lazy to create tax law on online casino that use cryptocurrency because they view crypto as risky assets that is not worthy to get any tax.
I believe US, EU and other first world country charge taxes on gambling and the rest of the 3rd world country doesn’t care at all to tax small time gambling profit.
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crzy
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March 26, 2023, 05:01:29 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.
There’s no clear regulations when it comes to gambling profit in my country, or its just that we are not aware of the tax system in my country. I didn’t pay any taxes for my gambling winnings and most of the gamblers are also not paying any taxes. Maybe it can consider as illegal but the authority is not making effort to collect taxes, and that’s why many are not paying attention to this.
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bitzizzix
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March 26, 2023, 05:09:02 PM |
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In the country where I live there is no tax on gambling winnings, unless they are professional gamblers and make their living from the casinos then they have to pay taxes as if they were running a small business and just like any other small business. and gambling winnings are taxable, and the amount that can be won before taxes are paid may vary by country and type of gambling.
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mbakruroh
Sr. Member
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enterapp.io PRE-SALE IS LIVE
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March 26, 2023, 05:12:45 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.
Every country has different rules. We cannot criticize the rules of a country. In fact, in some countries, if you are caught gambling, you will be punished, not asking for taxes. Even within a country with different provinces have different rules. However, generally the tax is borne by the platform owner or casino owner, so that the platform or casino owner deducts the tax from the user. The average tax is 11% of the total withdrawal. But unfortunately, there are platforms that take taxes from deposits.
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Wakate
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March 26, 2023, 05:31:45 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.
For now my country does not have a gambling tax on winnings and I think that collecting tax on winning bets is unfortunate and is not the best for gamblers like us. I can't just imagine how the government tend to collect these taxes whether they would collect it from the casino or individually. Government collecting taxes from there citizens especially for gambling activities is mostly done in the advance countries and not in a developing country whether things are not yet regulated in the appropriate manner. With are living a free non tax lifestyle now as a gambler waiting for when thag time would come.
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Fesatmas
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March 26, 2023, 05:47:28 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.
So far I have used local gambling that only uses my country's fiat currency, there has been no invite in terms of withdrawals so far, but I often find deductions by the gambling sites themselves, and they say it is a transaction fee. But if I use gambling using crypto and then I want to exchange it if I win into my country's currency, it's the same as we transact crypto which is taxed on every transaction I make. Taxes are indeed a problem if the rates charged are large enough, especially if the bets are made using large amounts of money. But whether it's ridiculous or not, I think the government also wants to profit from the wins of its citizens to supplement the state's income, because the money involved in gambling is quite high.
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Casdinyard
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March 26, 2023, 06:06:10 PM |
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Most governments will. USA's PowerBall and the Grand Lotto of the Philippines all tax their winners upon claiming of the prize. That's pretty normal.
But as for online gambling, I have no idea. Most of these games and casinos operate globally anyway, and are decentralized so they cover a vast range of countries but at the same time not bound by these countries' legislations and ordinances. So in the case of if I'm getting taxed for my gambling wins, other than the Purchase Tax I pay for when I buy stuff and services from the winnings I earn, I don't get taxed from it at all.
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livingfree
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March 26, 2023, 06:13:35 PM |
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No tax on where I am today.
I'm sure that it's sort of annoying to being taxed with the money that we're winning but that's a normal thing in many countries where gambling is like one of the source of the tax money.
That's why those heavy gamblers that are into this point of their lives that they're trying to avoid taxation, they gamble only on specific countries or casinos where they know that they are exempted.
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Agbe
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March 26, 2023, 06:42:52 PM |
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If you have a business, you still have to pay tax. Government do not care if you are making huge money or small money, all they care about is that you should obey the law.
Winning a gambling game or bet is not a business that government would be collecting tax. Government should only collect tax from the company and not the customers or the gamblers. If the gambler pays tax because he wins a bet, how much do you think will be left for him if he wins very small amount of money like $3? It depends on the law the country has about paying gambling tax, but likely government like going for people that have huge winning that they can notice.
It is not ethical for government to collect tax from gamblers. If government collect tax from huge amount then what service the government is rendering back to the gambler in these countries. I strongly against that taxation.
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MarjorieZimmermanGinger
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March 26, 2023, 07:15:54 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.
Likewise with the country where I live, for now there is no clarity regarding the gambling tax, but the government is trying to find ways for the tax to be imposed on gambling sites. The tax that will be charged is in the form of transactions or companies that carry out their business in the jurisdiction of our country. Currently there are still many gambling sites that are blocked by the government, so that not much access is available for their users, but regarding taxes it is still in a gray area. Ideally gambling sites that have been registered must pay taxes to the government as well as transactions made by gambling connoisseurs.
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BitcoinGirl.Club
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Bitcoingirl 2 is downloading 💓
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March 26, 2023, 08:30:47 PM |
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So the money you send from the bank to the bookie, it goes directly to a government entity. Now you should get the idea of what's happening. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) You can't hide from the taxxxmannn With those fiat bookies it's easy for them to keep track for your money but how about the crypto bookies. I don't think external source have much flexibility to see where the funds came from unless they know the deposit addresses that belongs to you. Also how about betting in the stores where you go with cash, play slots, bets on sports with cash?
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AmoreJaz
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March 26, 2023, 08:43:27 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.
Likewise with the country where I live, for now there is no clarity regarding the gambling tax, but the government is trying to find ways for the tax to be imposed on gambling sites. The tax that will be charged is in the form of transactions or companies that carry out their business in the jurisdiction of our country. Currently there are still many gambling sites that are blocked by the government, so that not much access is available for their users, but regarding taxes it is still in a gray area. Ideally gambling sites that have been registered must pay taxes to the government as well as transactions made by gambling connoisseurs. same here, as crypto regulation is not yet really established from where i am living today. also, if you are playing on a crypto casino where you are not required to do kyc, it means, you are fully anonymous, then, it is your prerogative if you want to declare your winnings to your government. because the govt won't know your winnings from a crypto casino unless you disclose it to them. that's the perks of using a crypto casino at the moment. so better take advantage of such perks. however, if you won from a local physical gambling site like from the lottery, there's always tax that you need to pay even if you are non-resident.
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Baofeng
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DGbet.fun - Crypto Sportsbook
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March 26, 2023, 08:52:06 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.
As far as I know, here in the Philippines, gambling winnings are not tax, and it was only the casinos and other gambling franchises are tax here, so I guess we are just lucky. But if I'm not mistaken, government as well is looking for online games to be tax, so let's see. But I with you with those ridiculous taxes imposed by USA or any other country for that matter. I mean you bet and you win big, but the government will have a cut on it? not fair for us gamblers. But it is what it is for some of us here, they will have to pay tax so that they can continue with their gambling activity.
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lionheart78
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March 26, 2023, 08:55:21 PM |
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In my country Philippines, any winnings from gambling that exceeds Php10,000 (approximately $190) is subject to 20% tax pursuant to Section 24 (B) (1) of the national revenue code. All winnings except Philippine Charity Sweepstakes Office and Lotto are taxable by 20%. But so far in cryptocurrency gambling, there is no clear law about taxation on winning in crypto gambling platforms. Since the Philippines hasn't implemented any form of tax on cryptocurrency.
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BitcoinGirl.Club
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March 26, 2023, 08:59:16 PM |
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In my country Philippines, any winnings from gambling that exceeds Php10,000 (approximately $190) is subject to 20% tax pursuant to Section 24 (B) (1) of the national revenue code.
You seems to have worse taxation than mindrust LOL His was at least anything ~ $1,200 but your seems to be taxed for every decent winning. Interestingly still people gamble. I wonder how many of them show it to their accountants.
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famososMuertos
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LE ☮︎ Halving es la purga
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March 26, 2023, 08:59:37 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.
Well! If you are from Australia you should clarify that if it is your profession, then you pay taxes. Otherwise you don't pay as it's just a hobby. In reality, each country establishes minimum amounts to be taken into account as income and after that pay the respective rates, there are exceptions, but the ideal is that us get advice and pay the corresponding taxes.
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Viscore
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March 26, 2023, 09:20:31 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 our country Philippines, all forms of gambling are being taxable except for those not legalized games. Like for lottery, if your winnings will exceed 10k, they are subject for 20% tax deduction. But below 10k winnings, you can always claim the full amount of what you had won. I guess for me that’s not bad at all, at least you can always give help to the charity.
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