Topic: Argentina raises Gambling tax - page 9. (Read 2917 times)
Well, for me, 5% is actually huge amount of tax on winnings and 10% for companies that run in other low taxation countries. This is just a like a reap off. This tax would hurt if winnings is huge and would even hurt more is the government doesn't make use of it in the right way. And this can't be good for small operators. Some might move their business elsewhere or look for a way to bypass tax.
The government has to find a way to help the people of his country, for the vaccine, assistance to the people, ...
Well, that can't really be the reason. Argentina has been chronically broke for decades. So it always needs money and I think the country has milked everyone else and now it turns to gambling. But I dare to doubt that the industry in Argentina is big enough that it can collect a lot of taxes there. Most gambling takes place underground anyway.
I never really knew Argentina was big on gambling, but I guess every country that does not really tax it highly will eventually get a lot of black market activity;) This will also be good news for crypto possibly, if Argentinians are tired of their peso losing value at the casino;) Everything is coming together!
I wouldn't say the 5% tax is big but, what we should consider first is what's the capacity of the government in question, they are third world country and the problem of the corona-virus has done more harm than usual and most countries are sourcing withing their parameters to sustain the economy. The only problem will be for small scale gambling platforms but for bigger gambling platforms there won't be any damage with their existence in the issue of the 5% tax from Argentina government.
Well observed, with this pandemic every possible sources of taxes will be chased by the government, they needed to implement it to
work out with their economy, with so many expenses and not getting anything from the usual venue of taxes they will sort it out and
this gambling business are not exempted.
Big and well established gaming business would not be hurt that much with this implemented taxes but for those small time gambling
house it will be a burden since they needed to also add this to thier monthly expenses.
I wouldn't say the 5% tax is big but, what we should consider first is what's the capacity of the government in question, they are third world country and the problem of the corona-virus has done more harm than usual and most countries are sourcing withing their parameters to sustain the economy. The only problem will be for small scale gambling platforms but for bigger gambling platforms there won't be any damage with their existence in the issue of the 5% tax from Argentina government.
Before taxes were only shouldered by the owner in physical casino or unnoticeable by gamblers as they will cut only few amount and we not really see their bills, now it's visible in online transactions and enumerated, we have to deal with it in these new normal we're everything is online. There are more line up of applications too that will be required in tax in my country.we have 12% tax in our country for every transactions or goods purchase. In terms of gambling as well other services taxes were deduct in the amount used only in receipts will be able to see those tax 
If this was done in other to stop or reduce the gambling population, it would have been a failed attempt but, if it is to harness the betting industry for community development, then it is a give back to the community process and a wise decision. Though, in doing so, the government should consider the tax imposed on the individual platforms, the amount of customers that patronize them on a yearly base so as not to over tax and hurt the platforms as they don't only generate revenue but also provide some gainful employment for youths as it's agents. The betting industry is one of the most patronized in the world and though it's being criticized on a large scale, more continues to emerge and receives patronizers but must of all, it generates revenue so, it should be weighed and managed properly.
In my country, there's also a 5% tax on gambling activities. Nothing changed in my opinion, people are still engaging into such activity.
Apparently increased in tax these may have positive and negative impact. But we can't countries implementing it because struggling economies due to the COVID-19 crisis. We can all relate to this, small businesses might suffer to these tax hike and not only single industries. But the government should maintain balance in collecting taxes or become reasonable at least.
Well, it is possible that economic problems are concerned with the increase of the tax revenue, maybe to somehow have something to generate more resources to battle issues economies are facing at this moment since not all companies and businesses are operational at this point and may it also affects to the "contribution" which pushed the said government to also make changes on activities existing under authority.
I wouldn't say the 5% tax is big but, what we should consider first is what's the capacity of the government in question, they are third world country and the problem of the corona-virus has done more harm than usual and most countries are sourcing withing their parameters to sustain the economy. The only problem will be for small scale gambling platforms but for bigger gambling platforms there won't be any damage with their existence in the issue of the 5% tax from Argentina government.
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.
Taxation is never be a bad thing unless if those funds are used in other means or not totally on the proposed target.Actually 5% is just too small compared into my countries tax on everything
for 12% for a business including gambling business which i do really see this thing wont really be that big.
When it comes to government then you can expect that they will really be implementing out those laws as for benefit for the entire country and no excuses for this.
Even if you insist on that sudden bump then theres nothing you can do yet it cant really be stopped and wont have any choice but to follow.
for what I have seen in my country (Italy) raising taxation for gambling isn't a good solution since it will force people to play with low jackpot/odds within a monopole!
I think that in the long run with more of these regulation arising in the world, more players will prefer to use a cryptocurrencies gambling website and not a classic FIAT (or official one).
I think that in the long run with more of these regulation arising in the world, more players will prefer to use a cryptocurrencies gambling website and not a classic FIAT (or official one).
https://www.gamblinginsider.com/news/10471/argentina-raises-online-gambling-tax-to-5
Apparently Argentina just raised their gambling tax to 5%.
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 seems like a terrible idea to me, I know that is what governments do however raising taxes just because they need money to any industry during a pandemic seems like the fastest way to get that industry out of the country, why those casinos should remain in Argentina when they can leave for jurisdictions where they can pay no taxes or at least lower taxes than that and still reach their clients and increase their profits that way? They are really giving no option but to leave to those casinos if they want survive. 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.
Many countries prohibited online and offline gambling option but argentina just added the tax alone for you. Hence it is good for the government and they can able spend that for public. Still I believe most of the Argentinian people may play the online gambling games.
Any argentinian here to share your exact thoughts on this taxation and reason behind it.
Any argentinian here to share your exact thoughts on this taxation and reason behind it.
With a huge amount of revenue that the government of Argentina is about to get, we can consider online gambling in Argentina as their economic savior and booster, it's good for the government, the gambling sector can ask for protection and security in exchange for the tax, they cannot do anything because they are under regulation, they just have to bear the thought that they are helping the economy of Argentina.
It's understandable if the government is looking for more funds to support the economy. And I think it's good because the tax revenue earned will also go to the province and the people will be the ones who will benefit from it. Also, with the regulation, there's a good impact on the casino industry. Although with a tax increase, I think gamblers will continue gambling especially if they have sufficient funds so it won't probably cause a huge effect on the number of their customers and profit even for small businesses.
I believe they were eyeing on this since long time and as people are sitting at homes gambling and/or trading mostly in order to earn some profits and survive, the finance ministry must have researched and got the numbers from the gambling industry to be coming big enough than before and as they saw the surge, they probably decided to take on the gamblers by doing this. I don't know if it's going to do good to anyone else, but if I understand the spirit of a gambler correctly, s/he will definitely go to gain those extra %s which may look small but can be big in numbers when that gambler is a big bettor.
That's great just come to think of it you are playing gambling and the portion of your losses will go to the development of your country or to help your people.
It looks like you are a hero right? Kidding aside, it's really great that they will regulate it the only thing I'm concerned of is that about the tax.
From 5% it might increase to 10% well I don't think gambling will be good for small operators or newly opened casino that's a little bit high.
It looks like you are a hero right? Kidding aside, it's really great that they will regulate it the only thing I'm concerned of is that about the tax.
From 5% it might increase to 10% well I don't think gambling will be good for small operators or newly opened casino that's a little bit high.
The government has to find a way to help the people of his country, for the vaccine, assistance to the people, and where can they get those big amount, from companies taxes, the government need those, especially from the casino which we know has big contribution when it comes to taxes, during this time the best thing that a company can do is to help by giving taxes since they are going to get profit once the pandemic is clear and open its door to the public
I do expect that as soon as one country needs to operate and get back its economic again first thing for sure the taxes may also get an additional percentage. We all know that the taxes of people, small or big businesses were the blood of the country to move. A good thing to know that the taxes allocation were for province and lets say for those who would benefit was the vulnerable one but the drawback of it was the most affected one was the small businesses and the ordinary people who were earning at a minimum wage.
The government has to find a way to help the people of his country, for the vaccine, assistance to the people, and where can they get those big amount, from companies taxes, the government need those, especially from the casino which we know has big contribution when it comes to taxes, during this time the best thing that a company can do is to help by giving taxes since they are going to get profit once the pandemic is clear and open its door to the public
Yes I think that's a good way to help the country and give assistance to the people. I also think it's great to make the online casinos regulated the players could benefit for it since they can make sure that the casino on where they are playing are safe. //
Quote
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 ??
I hope what I quoted is true, that they will give it to the province which I presume that really needs the help of Argentina Government to be develop, because you know, some politicians likes to put it on their pockets and claim it's theirs.
About on the gambling tax, well it's really needed and they need to be regulated like what most of the countries do. Their huge bankroll is a great help to the progress of the economy, that's why Government don't shut down the casinos that's well known by wealthy people.
Looks like another country who will increase or make online gambling regulated to get some extra source of fund, if I'm not mistaken I think I've read before from another country who will make online gambling regulated to have extra fund to response on the Covid-19 Cases I think there are some cons and pros here.
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