Does implementing a tax on a gambling platform really help a country? - page 11.

iv4n

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Quote from: Obito on June 15, 2021, 02:09:47 AM

Tax is the blood of the economy, they make the public roads, the public schools, the public and government hospitals. Pros of taxing a gambling platform is that the government is able to get a really big tax since gambling houses earn a lot of money and close to zero losses in a day sometimes. Cons is that if the government is comprised of corrupt officials then the taxes will be for nothing.

Very nice comment! Tax should be the blood of the economy if used for good things... but, there is always that but... If the government is corrupted then tax money will be used to make government officials and their close friends richer, which is good for them, but not for 90% of the country!
So we live in a world where some countries are doing a great job with the tax money, and then people are fine with taxes... and we have many other countries where the situation is "not so bright", sort of speaking... and people know they will not get anything with higher taxes!

virasisog

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With the recent pandemic, in some countries where gambling industry is huge, especially online gambling it became one of the lifeline of their economy. Tax makes the whole economy alive and gambling industry is one of the main sources of government income.

semobo

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Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.

Now I'm wondering, does implementing a tax on a gambling platform will really help a country?

- What are the pros and cons of it?
- What should be the proper tax percentage for you that they should impose.
- Will this be a bad thing for gamblers?

Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...

Tax good for the country not for the people, but those companies are paying taxes for their income while the players should pay the taxes for their rewards as well so at the end government is making tax revenue from everyone.

Its bad or good depends on how government utilizes the revenue but most of the governments are corrupted so people don't want to pay the taxes.

acroman08

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Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

Now I'm wondering, does implementing a tax on a gambling platform will really help a country?

according to the article below The Philippines collected $149 million dollars(7.18billion in philippine peso) from gambling tax in 2020. that money will become a fund for the government to use for the country. so, yeah, taxing a gambling platform helps the country.

https://www.casino.org/news/philippines-offshore-gaming-tax-revenue-increases/

ethereumhunter

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The tax from the gambling business and other businesses can contribute to the economy of the country. But many countries do not allow gambling in their country, so they still apply tax for the other business.

There is no proper tax percentage. That depends on the index per capita for every person in the country or something like that. And the government will check and then decide on how many percentages they should use for every people.

Bad or not, that will depend on the gambler because the tax percentage will be different in each country.

swogerino

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If taxes are used correctly and are used to build public schools,road infrastructure and hospitals then it really helps a country and gambling taxes usually are high which is translated to higher income for public use for a government.The problem though is that only the countries where the corruption is really low benefit from this,countries with a big amount of corruption do not benefit anything as this income goes directly to public officials pockets and not for good use for the population of that country.

Wexnident

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Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

- What are the pros and cons of it?

Well, casino industries would for one help in the development of the country. Tax helps the government manage the country after all, and this makes the casino legally able to conduct their business while helping the location they are at develop. As for cons, well, I don't really think tax has any cons? Unless it's overtaxed ofc.

Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

- What should be the proper tax percentage for you that they should impose.

That idrk. Don't know much about economics but around 10 - 15% would probably be good enough. I'm just pulling numbers depending on what I know, so don't really trust it. It's just my opinion in general.

Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

- Will this be a bad thing for gamblers?

I don't think so really? It probably depends on the country where the tax is upheld and how its upheld, but I'd say that in general, it's actually quite helpful.

magneto

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Absolutely not.

1. There is zero enforceability when it comes to gambling taxes. Most of the gaming platforms that are commonly used are currently unregulated by any responsible board - and most of them aren't even in the jurisdiction of any single country.

2. You're forgoing a bunch of tax revenue that could have been collected by having a low tax. When you raise tax rates too high, it actually achieves the opposite effect on revenue as gambling operators simply move out of the country/go underground to dodge taxation laws.

Oshosondy

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Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

- What are the pros and cons of it?

I did not see it necessary for any government to impose tax on citizens if they do not want to discourage gambling in such country, only the gambling companies should be taxed which will make it have the benefit of country growth and development.

Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

- What should be the proper tax percentage for you that they should impose.

It depends from country to country, but I think to me, anyone that has lost in gambling before should not be taxed in a way until he has gained back his money lost and the percentage taxed collected should not be more than 10%, but it will not be surprising if it is more than 10% in some countries.

Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

- Will this be a bad thing for gamblers?

Yes, it will not even encourage gambling using fiat, many gamblers will prefer no tax gambling no kyc crypto gambling sites which will make the government and the fiat gambling companies to lose some gamblers to no kyc gambling sites that do not require users taxing.

ralle14

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They're definitely capable of taxing crypto casinos but the way they tax online casinos as a whole could differ from one country to the other.

For me the proper percentages is probably around 5%-10% maybe starting from 10% then it gradually decreases as the amount increases.

It's hard to say that tax is a bad thing for gamblers because the management is different from each country and there are countries where people are getting more benefits while paying tax so it depends.

Alisha-k

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Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.

Now I'm wondering, does implementing a tax on a gambling platform will really help a country?

- What are the pros and cons of it?
- What should be the proper tax percentage for you that they should impose.
- Will this be a bad thing for gamblers?

Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...

I would say it helps a country both in helping gamblers manage their funds as well as regulation of gambling activities in the region. For online casinos I think government can still task them and if the fail to comply the can ban their activities within their metropolis. Gambling generates lots of funds and should contribute to nation's development by paying taxes as well

Poker Player

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Quote from: xSkylarx on June 15, 2021, 02:01:08 AM

I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.

Now I'm wondering, does implementing a tax on a gambling platform will really help a country?

- What are the pros and cons of it?
- What should be the proper tax percentage for you that they should impose.
- Will this be a bad thing for gamblers?

Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...

As far as I know, in most, if not all, countries in the world, casinos pay taxes. I guess you mean that there are many crypto casinos that operate in a kind of legal limbo and do not pay taxes in countries they should.

In general, taxes are bad for business. If casinos start paying taxes, or paying more, this will also have repercussions on the customer, they will probably give less promotions, or less rakeback, or raise the HE.

Another thing is that it is not ethical or legal that they are not paying taxes and have to pay them.

Mauser

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I think that taxes are normal for any kind of business. We usually on the infrastructure of the country we live in, so paying some money to the government seems just fair to me. Also taxes are only based on winnings, if we win big we can afford to give a little away. That said, a tax rate should be reasonable and comparable to other countries. In my opinion a tax rate of 10% would be fair for everyone.

Zilon

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Bitcoindata.science

Implementing taxation on gambling platforms is as normal as the taxs payed by other forms of enterpreneurs and civil jobbers. Both has an end target which is to make money from their endeavor so paying taxes shouldn't sound like an awkward decision nor a form maltreatment faced by gambling platform. The nations generate revenue to sustain and develop it's state from this taxes and since this platform operate within this region and make massive profits it would be wise to pay tax so as to aid in the adding more infrastructure that would make lives even more condusive for it's inhabitants

Obito

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Tax is the blood of the economy, they make the public roads, the public schools, the public and government hospitals. Pros of taxing a gambling platform is that the government is able to get a really big tax since gambling houses earn a lot of money and close to zero losses in a day sometimes. Cons is that if the government is comprised of corrupt officials then the taxes will be for nothing.

xSkylarx

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Activity: 2352

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I see a lot of threads here about some countries imposing a tax on gambling casinos. And each forum member has their own opinion about this type of topic.

Now I'm wondering, does implementing a tax on a gambling platform will really help a country?

- What are the pros and cons of it?
- What should be the proper tax percentage for you that they should impose.
- Will this be a bad thing for gamblers?

Also, are these governments capable of taxing online gambling casinos that we often use like stake, chips, etc...

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