Big companies finally had enough of the excessive tax - page 3.

michellee

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Quote from: Hamphser on July 06, 2021, 07:45:23 PM

Going to other countries is somewhat a hassle thing to be done by a business owner considering on overall expense that you would need then that would really be a headache

unless if your business is already too big and you can support all the possible expenses then its your choice but i would say that it is much better to deal with higher tax instead.

If you do saw your business can still sustain despite of additional tax then i dont see the worth of transferring to other countries just for that sole reason.

If they do not mind to moves to other countries because they do not want to pay high taxes, they will do that because the business owner will do many things to have less expense. But if they can sustain with all things and even get a profit, they will not do that.

But before the business owner opens their business, they already have to know how much their expenses every month. Maybe it's not about the right amount, but they have the calculation about that. They also discuss that with their consultant so the business owner can get help from them.

Xinarae*

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The big companies in gambling eventually had extra taxes because the government increased the amount of taxes when the economy went down because of inflation more gamblers are addicted to gambling because they have higher taxes so many gamblers give up gambling and do not pay taxes. The government collects millions of dollars in taxes from gambling the world of gambling is diverse and diverse the outcome of the game depends on the genuine opportunity and a subtle strategic calculation. Knowledge of probability theory can come in handy when playing poker but it will be useless when buying lottery tickets or competing with slot machines.

Lucasgabd

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Quote from: bitterguy28 on July 03, 2021, 12:29:59 AM

Quote from: Lucasgabd on July 01, 2021, 02:12:21 PM

Quote from: semobo on June 30, 2021, 07:01:54 PM

Government set the tax rates and if you are living in a democratic country then you are having the rights to select the person who is going to set all these tax rates then why we are blaming the leaders since we are the one who selected them as to be a one. It may be too much from our side but to a government, there is no ethics, they just need taxes, if they are in need of more money they will increase the tax rates. So if you want everything should be done in a fair way then we need to pick the right one who can understand all these consequences of increasing the taxes.

have you been to Brazil?
this kind of candidate you talk about is quite rare here
most of them will simply defend the public machine and want it to grow, almost like a parasitic relationship.

Because there are Huge funds in Machineries lol Grin

Brazil is really a fan of gambling (though like almost all the country in the world)

the thing is incentives are not aligned
probably one of the ways is descentralizing powers
maybe we would have better decisions by operating a country like a DAO with some adjustments
hahah

well, I think most of countries will have some kind of gambling, at least lotteries, you won't find casinos in Brazil though

KTChampions

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Quote from: Sithara007 on July 07, 2021, 12:10:24 AM

An increase in taxes always affect the middle class more than any other economic group. Because the upper class and the institutions make use of various loopholes to avoid paying any taxes. To an extent, the US federal reserve can increase the supply of banknotes. Since USD is the world reserve currency, even if additional amount of banknotes are printed (to an extent), the inflation will remain within tolerable levels. But it is a very thin line right now, with the federal debt fast approaching $30 trillion level.

The middle class was practically destroyed during this pandemic - while small businesses were closed monopolies (like Amazon, etc.) worked great. Billionaires became much richer during this pandemic, and many small and medium-sized businesses were ruined. If now there is an increase in taxes that will finish off the middle class, it will be clear for whom the authorities are working (although it is already clear).

Sithara007

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Quote from: Silberman on July 04, 2021, 05:19:59 PM

In a way I am surprised this is the path that Biden took, the democrats have being stating that they will make use of modern monetary theory which basically states that they can print as much money as they want with no repercussions, after all we know that inflation is in fact a tax and the higher the inflation the higher the tax people need to pay, it seems he took a more orthodox path but even then it is going to be difficult to force businesses to pay those taxes as they have the best experts around the world to help them to avoid doing it.

An increase in taxes always affect the middle class more than any other economic group. Because the upper class and the institutions make use of various loopholes to avoid paying any taxes. To an extent, the US federal reserve can increase the supply of banknotes. Since USD is the world reserve currency, even if additional amount of banknotes are printed (to an extent), the inflation will remain within tolerable levels. But it is a very thin line right now, with the federal debt fast approaching $30 trillion level.

Hamphser

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Quote from: AmoreJaz on July 06, 2021, 07:00:17 PM

Quote from: paxmao on July 06, 2021, 06:50:32 PM

Latest news indicate that there is short of a worldwide consensus on a 15% at minimum tax. Not all countries are joining but it is already surprising that US an EU are finding at least some common ground on these discussions. Many companies, particularly those that are large and can easily relocate are pretty much free to chose where they do business, so it is not a question of them being feed up with taxes, it is more about their perpetual complaint about anything that is going to make their bottom line smaller.

In my view, if you want to do business in a country, you need to support all that is given to you as "free", such as law, security, infrastructure, customers with money to spend, etc... that is not free.

that's true, they need to look at the bigger picture here. the perks they are getting from a certain area. anyway, they can close down their business if they are really not generating income. there are countries that implement higher tax than them. also, they can relocate to countries that they believe they can get advantage of.
the tax is where the govt getting their funds for various expenditures for its people. just hope that it is not pocketed by officials.

Going to other countries is somewhat a hassle thing to be done by a business owner considering on overall expense that you would need then that would really be a headache

unless if your business is already too big and you can support all the possible expenses then its your choice but i would say that it is much better to deal with higher tax instead.

If you do saw your business can still sustain despite of additional tax then i dont see the worth of transferring to other countries just for that sole reason.

AmoreJaz

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Quote from: paxmao on July 06, 2021, 06:50:32 PM

Latest news indicate that there is short of a worldwide consensus on a 15% at minimum tax. Not all countries are joining but it is already surprising that US an EU are finding at least some common ground on these discussions. Many companies, particularly those that are large and can easily relocate are pretty much free to chose where they do business, so it is not a question of them being feed up with taxes, it is more about their perpetual complaint about anything that is going to make their bottom line smaller.

In my view, if you want to do business in a country, you need to support all that is given to you as "free", such as law, security, infrastructure, customers with money to spend, etc... that is not free.

that's true, they need to look at the bigger picture here. the perks they are getting from a certain area. anyway, they can close down their business if they are really not generating income. there are countries that implement higher tax than them. also, they can relocate to countries that they believe they can get advantage of.
the tax is where the govt getting their funds for various expenditures for its people. just hope that it is not pocketed by officials.

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Latest news indicate that there is short of a worldwide consensus on a 15% at minimum tax. Not all countries are joining but it is already surprising that US an EU are finding at least some common ground on these discussions. Many companies, particularly those that are large and can easily relocate are pretty much free to chose where they do business, so it is not a question of them being feed up with taxes, it is more about their perpetual complaint about anything that is going to make their bottom line smaller.

In my view, if you want to do business in a country, you need to support all that is given to you as "free", such as law, security, infrastructure, customers with money to spend, etc... that is not free.

KTChampions

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Quote from: harizen on July 05, 2021, 07:12:14 PM

If the country is really got heavily affected by the pandemic, it's just reasonable to increase tax on some performing industries amid the pandemic. Gambling is no doubt one of the top-performing industries so to consider them adding some tax to them just makes sense.

However, it's not just about the increase but that 20% tax is to encourage other gamblers to gamble as for sure if the casino operations will face a much higher tax than usual, they might pass some fees increase on their bettors.

In the long run, let's see if this planned of government is really effective to reduce the gambling activity in their country.

If the country has been hit by a pandemic, then let's finish off the survivors by raising taxes. Great plan, as reliable as a Swiss watch if I understand correctly Grin

In all normal countries, after crises, taxes are reduced, various benefits are given and so on in order for business to live and develop, and you propose to raise taxes, where is the logic?

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Quote from: harizen on July 05, 2021, 07:12:14 PM

Quote from: 7788bitcoin on July 05, 2021, 05:59:35 AM

The government is taking this as an opportunity to increase the tax and the problem is that they will be using the pandemic as an excuse to increase the tax

If the country is really got heavily affected by the pandemic, it's just reasonable to increase tax on some performing industries amid the pandemic. Gambling is no doubt one of the top-performing industries so to consider them adding some tax to them just makes sense.

However, it's not just about the increase but that 20% tax is to encourage other gamblers to gamble as for sure if the casino operations will face a much higher tax than usual, they might pass some fees increase on their bettors.

In the long run, let's see if this planned of government is really effective to reduce the gambling activity in their country.

We really can't blame the government if it finally decides to raise taxes. This is an unpopular decision but the government must take to save
the country's economy. All countries are now affected by the pandemic, So it's natural for the government to raise taxes. Including increasing
the gambling industry taxes, maybe this will make casinos increase fees to gamblers, but casinos don't want to lose their gamblers either.
Then I think the cost increase will not be too significant. So gamblers don't have to worry about this tax increase, we are all definitely affected
by this pandemic. But there is also the possibility of some small gamblers, so reduce their gambling time because there is an increase in fees
at the casino.

harizen

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Quote from: 7788bitcoin on July 05, 2021, 05:59:35 AM

The government is taking this as an opportunity to increase the tax and the problem is that they will be using the pandemic as an excuse to increase the tax

If the country is really got heavily affected by the pandemic, it's just reasonable to increase tax on some performing industries amid the pandemic. Gambling is no doubt one of the top-performing industries so to consider them adding some tax to them just makes sense.

However, it's not just about the increase but that 20% tax is to encourage other gamblers to gamble as for sure if the casino operations will face a much higher tax than usual, they might pass some fees increase on their bettors.

In the long run, let's see if this planned of government is really effective to reduce the gambling activity in their country.

STT

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In order to raise taxes for one year should not be at the cost of multiple years to follow. A proper plan is for ten years at least, reducing investment and overall business revenue within the scope of the tax is counter productive to fiscal budgeting and the country in general. Applies anywhere the same, to be overly short term isnt a smart way to play an active part of the economy. Gambling and alot of online industry can easily be squeezed into moving elsewhere in an unfortunate way.

DarkDays

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Quote from: 7788bitcoin on July 05, 2021, 05:59:35 AM

Quote from: South Park on July 04, 2021, 01:29:27 PM

Governments all over the world are raising taxes in order to recover some of the money they lost during the pandemic and they could not have chosen a worst time in order to do it, the economy is weak, in fact they should be doing the opposite and trying to do their best to get smaller but that is never an option so they are going to raise the taxation on every single industry that they can and I will not be surprised if they kill a few industries due to this increase in the taxes corporations need to pay.

The government is taking this as an opportunity to increase the tax and the problem is that they will be using the pandemic as an excuse to increase the tax and once they increase there is no way they are going to reduce them even if the economic situation settles down and keeps on booming. If they are reducing the tax of the common man and increase those taxes then it would be great, but you cannot expect that as well with many governments.

The way I see it there are two things governments can do and will do to collect the money they need under the 'tax' name umbrella. Either ask for increase in income tax or capital gain (it will only make sense if they go for the big guys) or keep these levels the same while inflation will rise through the through creating a deflationary fiat value.

It is either through higher tax or inflation that some of the money can be recouped by governments as a result of the decrease in that country GDP. The result is the same - people being left with less money in their pockets or a reduced purchasing power.

Lanatsa

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Quote from: Fortify on July 05, 2021, 05:06:26 PM

Quote from: fiulpro on June 13, 2021, 02:24:37 PM

20%? Is this even real ? Most of the companies not related to gambling pay lower than 10% but not the same in Kenya when it comes to the sports gambling. Now the biggest football clubs have joined hands to oppose this rule.

I find it bizarre that you find 20% strange. It is the norm for most developed countries right now and seems like a fair amount to pay. That tax money should be going to fund everything that support the business - from maintaining the road network, to the medical/police/fire services, to the courts which prosecute violent thugs or thieves that may attack the casinos, to help the transport infrastructure that patrons use, paying for civil servants who should be keeping everything running with minimal corruption and many more things. It is very easy to forget that tax is meant to be a collective pool for the best interests of the public, especially if you come from countries where you struggle to trust those around you to be playing on the same level.

For people who are just aware about 10-15% tax percentage then they would really be finding that 20% or more would really be unusual but we know that each government is really different when it comes to that decision.

Important thing here is that tax should be used properly because this is the blood of the economy for countries progress.This doesn't only limit on gambling business but also other business as well.

If they do react on how much taxation deduction had been set out then they would most usually patch it up into their users but you cant still feel the difference.

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Quote from: fiulpro on June 13, 2021, 02:24:37 PM

20%? Is this even real ? Most of the companies not related to gambling pay lower than 10% but not the same in Kenya when it comes to the sports gambling. Now the biggest football clubs have joined hands to oppose this rule.

I find it bizarre that you find 20% strange. It is the norm for most developed countries right now and seems like a fair amount to pay. That tax money should be going to fund everything that support the business - from maintaining the road network, to the medical/police/fire services, to the courts which prosecute violent thugs or thieves that may attack the casinos, to help the transport infrastructure that patrons use, paying for civil servants who should be keeping everything running with minimal corruption and many more things. It is very easy to forget that tax is meant to be a collective pool for the best interests of the public, especially if you come from countries where you struggle to trust those around you to be playing on the same level.

Lucasgabd

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Quote from: DoublerHunter on July 01, 2021, 04:55:31 PM

Quote from: Vishnu.Reang on July 01, 2021, 02:30:43 PM

~snip~
In many of the countries, the gamblers are not taxed. Only the casinos are taxed on their profits.

^ I can not agree more on this, because gamblers should oblique to pay taxes aside from the casino. We should declare tax to the IRS, I don't know what is the process but I think that is the right way especially if you are in a country that very strict on implementing taxes. Because in every winning we had and becomes profited, we should be required to File an Income Tax Return or else, there is a penalty or whatever circumstances waiting ahead. Because id filing tax there are individuals and non-individual process.

somehow its interesting to hear pro-taxation arguments here
Its also interesting, a signal that we may find people with the most varied opinions here on bitcointalk

we could argue if gamblers should be taxed or not but we should not forget that if gov is already taxing the casino maybe this could incur in double taxation.

Slow death

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The ironic thing about governments in Africa is that people in government often act as if they are protecting the people when in fact they are harming the people. if we ask:

how many big companies of these corrupt government pay high taxes? we will see that the number of companies is small and to make matters worse are companies that do not support sports and social actions in the communities
The sole aim of big African companies backed by these corrupt African politicians is just to make a lot of profit.

By that I mean that this news is something to be expected, because African governments do not take sport and things that help their people seriously.

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Quote from: South Park on July 04, 2021, 01:29:27 PM

Governments all over the world are raising taxes in order to recover some of the money they lost during the pandemic and they could not have chosen a worst time in order to do it, the economy is weak, in fact they should be doing the opposite and trying to do their best to get smaller but that is never an option so they are going to raise the taxation on every single industry that they can and I will not be surprised if they kill a few industries due to this increase in the taxes corporations need to pay.

The government is taking this as an opportunity to increase the tax and the problem is that they will be using the pandemic as an excuse to increase the tax and once they increase there is no way they are going to reduce them even if the economic situation settles down and keeps on booming. If they are reducing the tax of the common man and increase those taxes then it would be great, but you cannot expect that as well with many governments.

KTChampions

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Quote from: Oshosondy on July 05, 2021, 05:13:12 AM

Quote from: Silberman on July 04, 2021, 05:19:59 PM

In a way I am surprised this is the path that Biden took, the democrats have being stating that they will make use of modern monetary theory which basically states that they can print as much money as they want with no repercussions, after all we know that inflation is in fact a tax and the higher the inflation the higher the tax people need to pay, it seems he took a more orthodox path but even then it is going to be difficult to force businesses to pay those taxes as they have the best experts around the world to help them to avoid doing it.

Although, I am not good in economics like that but I think what you comment here is not absolutely perfect, how is tax related to money printing and inflation? Let me make an illustration. For example, if there is an inflation and the economy has been affected, if the country fiat currency has been devaluated, still know that it does not affect the tax value because tax is in percentage. If $20 of 2011 is now $200 in 2021, someone that will bet with just $1 in 2011 will want to bet with $10 in 2021 to achieve the same aim as a result of inflation and currency devaluation. If the printer won, tax will be deducted in percentage which would have also increased but of almost the same worth of certain time in the past.

The point of an inflationary tax is not that you pay a higher percentage when you pay taxes, but that your money is depreciated. For example, you had a million dollars, but because of inflation, its purchasing power has decreased and although you still have it, you can buy fewer goods than before.

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Quote from: Silberman on July 04, 2021, 05:19:59 PM

In a way I am surprised this is the path that Biden took, the democrats have being stating that they will make use of modern monetary theory which basically states that they can print as much money as they want with no repercussions, after all we know that inflation is in fact a tax and the higher the inflation the higher the tax people need to pay, it seems he took a more orthodox path but even then it is going to be difficult to force businesses to pay those taxes as they have the best experts around the world to help them to avoid doing it.

Although, I am not good in economics like that but I think what you comment here is not absolutely perfect, how is tax related to money printing and inflation? Let me make an illustration. For example, if there is an inflation and the economy has been affected, if the country fiat currency has been devaluated, still know that it does not affect the tax value because tax is in percentage. If $20 of 2011 is now $200 in 2021, someone that will bet with just $1 in 2011 will want to bet with $10 in 2021 to achieve the same aim as a result of inflation and currency devaluation. If the printer won, tax will be deducted in percentage which would have also increased but of almost the same worth of certain time in the past.

Topic: Big companies finally had enough of the excessive tax - page 3. (Read 2355 times)