Argentina raises Gambling tax - page 8.

aioc

hero member

Activity: 2898

Merit: 567

Quote from: fiulpro on November 23, 2020, 08:40:55 AM

https://www.gamblinginsider.com/news/10471/argentina-raises-online-gambling-tax-to-5

Apparently Argentina just raised their gambling tax to 5%.

Quote

The Argentine Chamber of Deputies has passed a law that will increase the online gambling tax rate from 2% to 5% in 2021. The new law was added to the National budget proposed by Economy Minister Martín Guzmán. The tax will apply to any online betting transaction. There’s also a 10% rise for the companies that operate in low-taxation countries.

Apparently the industry was unregulated for a long time and the government now decided to go for it since they will aid in the future stability and improvement in the financial situation.

The industry according to them apparently is able to get 2.4 billion dollars worth of revenue and which is inclined to help the country , 95% of the tax is going to go to the province.

What are your thoughts on this ??

Is this good/bad , how would we be able to cope up with the governmental bodies increasing the gambling tax thus shutting down the small business causing problems for the long run.

- it was a little sudden to increase it to almost double. The government never even helped the industry for the sake of the argument.

It would not happen if we are not in Pandemic and Argentina is also suffering from high case of infection

I figure that they are going to use the funds coming from taxing the online gambling sites to the needs of the government to fight CoVid and to sustain their economy brought by the pandemic, every government needs money now.

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

Quote from: Debonaire217 on November 23, 2020, 08:01:04 PM

Imagine, gambling isn't really a necessity during this pandemic and if the economy is getting affected too much, it is really a great step for the government to act in order to help the economy somehow be stable through putting a tax on most of the business that doesn't really get affected by the crisis as people who participate are those who have spare funds. It is also reasonable to put almost double of the tax added to the current tax they have since they aren't really banning anonymous gambling. Gamblers are still having their freedom to choose which platform should they participate in. In addition, putting this tax might also help people to decrease their contact as they might be discouraged to play in casinos.

I think they will also be going to tax online casinos too. It will be difficult though because some casinos are not operating in their territory which means that jurisdiction might be difficult. In my opinion, increase in taxation in gambling is not a bad thing, many people play and the house earns a lot, I think that it is fair to get more from them, even if there is more online players, there will still be people playing in casinos. Remember that tax is not a bad thing, it is just the ugly truth and we need to accept that, remember that public works are funded by these taxes which develops a nation.

KennyR

hero member

Activity: 2282

Merit: 532

Sugars.zone | DatingFi - Earn for Posting

This move of raising the tax to 5% will make more people get into cryptocurrency for their gambling needs. It is the only choice through which people find a secure way to gamble. If the cryptocurrency usage gets regulated, there'll be risk of using it to go tax-free. At all situation people who have used to spend time on casinos will continue it unlike the increase in the tax. Also most people using it were rich and middle class people are the one who prefer online gambling through different channels like Cryptocurrency, fiat, etc to reduce the cost of spending.

Debonaire217

sr. member

Activity: 644

Merit: 364

In Code We Trust

Imagine, gambling isn't really a necessity during this pandemic and if the economy is getting affected too much, it is really a great step for the government to act in order to help the economy somehow be stable through putting a tax on most of the business that doesn't really get affected by the crisis as people who participate are those who have spare funds. It is also reasonable to put almost double of the tax added to the current tax they have since they aren't really banning anonymous gambling. Gamblers are still having their freedom to choose which platform should they participate in. In addition, putting this tax might also help people to decrease their contact as they might be discouraged to play in casinos.

Kelvinid

sr. member

Activity: 2800

Merit: 344

when lambo...

Quote from: coupable on November 23, 2020, 06:58:44 PM

Quote from: pinggoki on November 23, 2020, 06:39:16 PM

The country Argentina has been raises a tax on the gambling? Simply because all of the economy of each country in on the downside because of the pandemic that has been brough to us and that's why, their government think about how they will be able to recover again from the loss that has been brought by the pandemic, and it is giving the casinos or gambling casinos an additional tax for its gamblers. The cons here is that there are gamblers who are not in favor here because you as a gambler, will you be able to accept additional fees or tax whenever you play? Of course not.

Argentina is a third world country. It's quite normal that governments in 3rd world will look for several possibilities to get more incomes during the pademic when their economy can't support such an agressive crisis. The market of "Entertement" could be considered as a victim of this policy. Taxes augmented in everything even illegal stuffs,gambling isn'tan exception

I understand that Argentina making way to have additional sources just like the other country did but that 5% is really not acceptable for the players. I may think that this could be the reason to stop people from gambling but rather to focus on the solution to the problem we face today.

I hope their actions will be fairly enough for everyone and sees a positive impact on the economy. If this could help for the pandemic then this could essential to increase taxes for a while but I don't agree also that this will be for the lifetime change coz I'm afraid that this will be the reason that some gambling institutions will stop.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: pinggoki on November 23, 2020, 06:39:16 PM

The country Argentina has been raises a tax on the gambling? Simply because all of the economy of each country in on the downside because of the pandemic that has been brough to us and that's why, their government think about how they will be able to recover again from the loss that has been brought by the pandemic, and it is giving the casinos or gambling casinos an additional tax for its gamblers. The cons here is that there are gamblers who are not in favor here because you as a gambler, will you be able to accept additional fees or tax whenever you play? Of course not.

As if you do have some choice?If you dont have any options then you would surely deal with it and its understandable that country will consider on having this kind of tax increase
due to economic matters where they do need some more source because economy wont able to sustain if they wont able to find sustainable ways to get taxes which been used for development.
This might be an issue for gambling business owners which would be totally transferred into its users/gamblers where there would be add ups when it comes to fee
due to sudden tax increase.

MCobian

full member

Activity: 1190

Merit: 117

In my opinion, the steps taken by the Argentine government are quite good, because the finances of all countries must be in trouble
in a pandemic situation like now. Then the gambling industry does have a fairly large circulation of money, then the Argentine government
sees this as an opportunity to increase state revenue from increasing the gambling tax to 5%.

This becomes good if the income from gambling tax is used for the benefit of the people of Argentine, because of the pandemic situation,
the people need help from the government. Therefore it is very important for the government to seek additional income for the state and
the option to increase the gambling tax is a good decision. Hopefully other countries that legalize gambling will do the same as Argentina.

coupable

hero member

Activity: 2338

Merit: 757

Quote from: pinggoki on November 23, 2020, 06:39:16 PM

The country Argentina has been raises a tax on the gambling? Simply because all of the economy of each country in on the downside because of the pandemic that has been brough to us and that's why, their government think about how they will be able to recover again from the loss that has been brought by the pandemic, and it is giving the casinos or gambling casinos an additional tax for its gamblers. The cons here is that there are gamblers who are not in favor here because you as a gambler, will you be able to accept additional fees or tax whenever you play? Of course not.

Argentina is a third world country. It's quite normal that governments in 3rd world will look for several possibilities to get more incomes during the pademic when their economy can't support such an agressive crisis. The market of "Entertement" could be considered as a victim of this policy. Taxes augmented in everything even illegal stuffs,gambling isn'tan exception

pinggoki

sr. member

Activity: 1442

Merit: 390

★Bitvest.io★ Play Plinko or Invest!

The country Argentina has been raises a tax on the gambling? Simply because all of the economy of each country in on the downside because of the pandemic that has been brough to us and that's why, their government think about how they will be able to recover again from the loss that has been brought by the pandemic, and it is giving the casinos or gambling casinos an additional tax for its gamblers. The cons here is that there are gamblers who are not in favor here because you as a gambler, will you be able to accept additional fees or tax whenever you play? Of course not.

StephenJH

hero member

Activity: 1442

Merit: 521

No more Rekt and Bust

The negative impact will be there for gamblers from Argentina, it is the right time for gamblers from Argentina to choose anonymous gambling and avoid paying the high tax. 2.4 billion dollars worth of revenue is not a small amount considering the huge turnover of gambling funds but the government was able to choose another method for adding more money to the government budget. The gamblers shouldn't be a target for this purpose, in my opinion.

rhomelmabini

hero member

Activity: 2002

Merit: 578

Quote from: fiulpro on November 23, 2020, 08:40:55 AM

Apparently the industry was unregulated for a long time and the government now decided to go for it since they will aid in the future stability and improvement in the financial situation.

Of course that's always the reason behind some changes if it's come from the government but it's good to know the opinion of some Argentine people in this thread and at the same time a gambler as well. It's not a bad thing IMO but I think everything must goes on on the side of the gamblers sudden increase or not.

At first there will be some complaints I suppose since it's new and may be a sudden news to some gamblers but time will tell the people tend to adapt it and besides these governments really love centralizing these kind of regulations.

HaXX0R1337

sr. member

Activity: 574

Merit: 252

Quote from: fiulpro on November 23, 2020, 08:40:55 AM

Apparently the industry was unregulated for a long time and the government now decided to go for it since they will aid in the future stability and improvement in the financial situation.

The industry according to them apparently is able to get 2.4 billion dollars worth of revenue and which is inclined to help the country , 95% of the tax is going to go to the province.

The pandemic has brought most of the countries to its knees and it is a smart move by the government to tax the gambling sector to raise the money, there are countries that raised the tax on liquor and tobacco in the past few months and we should expect these sort of increase in other sectors as well and this is not a substantial increase in tax as well to be worried.

goinmerry

legendary

Activity: 2940

Merit: 1083

Quote from: TimeTeller on November 23, 2020, 04:31:03 PM

And if the proceeds will really go to its people, why not?
But if it will go only to few pockets, then there's problem with the situation.
We know that corruption is also a long-running serious problem in this country.
So hopefully they will keep their word that the large portion that they will collect from gambling will indeed go to their people in need.

There is no perfect government. Corruption is always there even in the top countries. But still, there are good authorities that monitor if the funds were used for the right purpose. Any body within the government can't just easily make some corruption as there are other eyes that look to them.

That gambling taxation in online betting is a good action by the Argentinian Government. As mentioned in the article, it was barely regulated. It means it's already several years wherein gambling operators are enjoying and take massive revenue but only paying small tax. From $2 to $5 increase, it's just a piece of cake to these operators.

sunsilk

hero member

Activity: 2884

Merit: 620

The government no matter what industry you are with, they'll raise you with the taxes. If the reason is to help the provinces, that's the solution that they've resorted. Increasing tax are normally happening and usually in the gambling industry, they're getting huge taxes because big money is getting in on it.

Having that said, 5% won't affect much the industry or gambling businesses. They're even lucky that they only got a raise with that percentage.

Fatunad

sr. member

Activity: 2226

Merit: 347

Quote from: ReiMomo on November 23, 2020, 04:35:37 PM

The purpose of Argentina's government is good because we know that most countries now are struggling to recover their economy that most countries the same problem and how to solve it, due to the pandemic, governments worldwide seeking a way to recover this problem.

We know that the gambling industry has a big help and most of them are now operating continuously, they are good of a source of revenue, and increasing their tax is reasonable and worth it for the sake of their economic growth. But do you think this will affect the gambling business?

5% is total revenue wont really be that hurting that much yet is there any viable options for them to complaint?

As a business then you wont have any choice or else it would really be on such closure for not complying on paying up tax on the right way.

Theres no doubt that these businesses is one of the most important due to big contribution and theres no doubt that government
will see this as a good one and hopefully it would really be applied well into those tax that had been accumulated.

ReiMomo

sr. member

Activity: 2366

Merit: 305

Duelbits - $100k Bonus/week

The purpose of Argentina's government is good because we know that most countries now are struggling to recover their economy that most countries the same problem and how to solve it, due to the pandemic, governments worldwide seeking a way to recover this problem.

We know that the gambling industry has a big help and most of them are now operating continuously, they are good of a source of revenue, and increasing their tax is reasonable and worth it for the sake of their economic growth. But do you think this will affect the gambling business?

TimeTeller

hero member

Activity: 2716

Merit: 588

Quote from: YuginKadoya on November 23, 2020, 04:22:25 PM

I think they are doing this because of the increasing popularity and regulated online gambling in Argentina, well this will surely benefit the country of Argentina but it will mostly not going to make a big deal for gamblers in my opinion, and if there are many gamblers I think it will be truly OK for gambling owner for increasing a 5% tax, I think this is OK than having gambling ban in Argentina.

And if the proceeds will really go to its people, why not?
But if it will go only to few pockets, then there's problem with the situation.
We know that corruption is also a long-running serious problem in this country.
So hopefully they will keep their word that the large portion that they will collect from gambling will indeed go to their people in need.

YuginKadoya

legendary

Activity: 3038

Merit: 1169

I think they are doing this because of the increasing popularity and regulated online gambling in Argentina, well this will surely benefit the country of Argentina but it will mostly not going to make a big deal for gamblers in my opinion, and if there are many gamblers I think it will be truly OK for gambling owner for increasing a 5% tax, I think this is OK than having gambling ban in Argentina.

just_Alice

hero member

Activity: 1274

Merit: 622

I think that's a pretty fair move, considering that Argentina used to have one of the lowest tax rates on gambling (compare to the US winning taxes around 20% and 15% in the UK). It's understandable that the government wants to benefit more to recover its economy, especially now.

However, they probably should've done it gradually, as such a sharp rise in taxes might be ok for large companies, but will most likely adversely affect medium and small business.

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

I was surprised that the gaming sector in that country is barely regulated despite online gaming earning close to $2.4BN in revenue annually. Surely, that figure is prior to the pandemic meaning their online betting is really active. With or without pandemics, it makes sense to raise the gambling tax associated with online betting there especially today.

I don't understand how taxation there works but I don't see a negative impact of the proposed law. A 3% rise in tax shouldn't be a problem in an industry wherein showing good revenue yearly.

Topic: Argentina raises Gambling tax - page 8. (Read 2828 times)