brazil sanctioned law that taxes online betting in the country - page 5.

Potato Chips

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I'm not against taxes as long as it's not gonna be pocketed and the taxable scenarios as well as the tax percentage are made in respect of each possible cases. Sadly, I don't think this is what's happening here.

But with gambling being stigmatized, I wouldn't be surprised if the goverment think of the high taxes as a morale boost for them. Simultaneously, they're not completely banning the industry so they'll be keeping the usual part of the cash flow from operators Grin

But in the coming months or year, we'll see how many players will shift to off-shore betting sites lol.

Wiwo

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So in total the government is getting 15% + 12%=27% of each bets across all the casinos operating in Brazil region, well many of the under developed countries have seen taxation as means to embezle citizens money even though the government's are headed by corrupt politicians who may have ranged their ways into power and are living large on the common wealth of the countries.

I am not against taxation, but what makes in implementation worrisome in some situations I the way and manner at which those at the helm of affairs manage those resources to serve the betterment of the whole instead of just sharing among the few.

I guess we should be ready for more regulations in time to Come because most of the countries around the world are just waking up to the issue of taxation and many are taking a more aggressive approach to it.

Alphakilo

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Quote from: Forsyth Jones on March 21, 2024, 06:03:55 PM

Summary of the story: the government wants to be our partner only in gains, but in losses, we alone are forced to bear the financial losses. Very convenient, right?

What do you think of this? Is there any regulation in the betting sector in your country?

Do you think the government should really collect alternative sources of income from its citizens such as online gambling?

Sorry, they make the rules and can bend it to their favour anyhow they like. What I think about this is that they are doing this to discourage gambling addiction. Thus in addition to other risk management strategies individuals in Brazil who bet will add the government's 15% as a factor and know they will manage the risk of losing a part of their winnings.
I expected that the tax on gambling operators would be higher like 20% since they make more money than the individual. Of course they house always wins.
In my country, we do not have the same tax although I wish something like this existed. Gambling is not regulated so any person with a smart phone can create an sign up and deposit money into a casino to bet.
I would only agree if they review the impact of this law in the gambling industry after 5 years and it actually curbed gambling addiction. Isn't this the goal of the law?

Forsyth Jones

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Since last year, here in my country (brazil), it has been discussed by the senate and from what I researched, in 2024/jan the law came into force that taxes bets of any nature involving online and physical bets. (link)

The purpose of the law is to increase legal security in the betting sector in Brazil, (taxing revenue from bettors for the government? LOL)

In nutshell: bettors will have to pay 15% on the winnings received from any bets, regardless of whether the reward is small or large, and companies will have to pay 12% on revenue.

This is for physical bets or bets made online.

Lula (thief corrupt president) vetoed income tax for winnings from bets of up to R$2112 (~425 USD) per month.

The funny thing is that he didn't take into account the loss that bettors have before calculating the tax (that's a lot of bullshit).

Summary of the story: the government wants to be our partner only in gains, but in losses, we alone are forced to bear the financial losses. Very convenient, right?

What do you think of this? Is there any regulation in the betting sector in your country?

Do you think the government should really collect alternative sources of income from its citizens such as online gambling?

Topic: brazil sanctioned law that taxes online betting in the country - page 5. (Read 752 times)