Does your country tax your gambling winnings? - page 5.

Cantsay

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Quote from: MiliMil on March 26, 2023, 02:40:01 AM

I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos).
I know the USA has gambling taxes and I think it's ridiculous.
You are risking your own money and if you win you are penalised.
I'm curious as to how many other users have to pay taxes on their winnings.

Come to think of it, I haven't really been concerned about the government and its tax on gambling. Or maybe it's because of the little amount of time I spend on gambling and also because of the small funds I use to gamble that's why my mind haven't been to the tax that's been charged.
I guess they those in charge of the gambling site or casinos might be asked to pay taxes but for gamblers I doubt that they pay any taxes for gambling.
It's gonna be hilarious if you are made to pay tax after losing all your money to the casino.

Japinat

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There are no taxes in our country for gambling. It's the gambling operators who pay significant taxes as they win most of the time. If gamblers were required to pay taxes, that would be a double burden, as most gamblers lose money. Moreover, many people in our country do not make a lot of money, the inflation rate is high, and many are struggling financially. Hence, gambling is not really promoted, and only a few gambling operators are running their business legally.

That's why I mostly use a crypto gambling site, so I can gamble freely.

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Quote from: MiliMil on March 26, 2023, 02:40:01 AM

I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos).
I know the USA has gambling taxes and I think it's ridiculous.
You are risking your own money and if you win you are penalised.
I'm curious as to how many other users have to pay taxes on their winnings.

Where I am they don't tax people who risk their money but they do tax a lot the casinos and gambling houses and this in turn is translated to bigger house edges compared to other countries when talking about casino games which has a house edge.There was a time when the operators wanted to put a percentage tax on sport bet winning tickets like 2-6% of the winning to go to the house but they saw that people left such platforms in favor of ones who did not apply this and as such this was never implemented for real.

When it comes to government forcing taxes on us,no they don't do it,some years ago they ban them completely but people still found ways to play and recently they are not banned anymore.

Peanutswar

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My country does not gave any tax for the cryptocurrency gambling winnings actually they don't make any move right now for those gambling casino platform instead they are just.focusing with the physical casinos by this the player like us in the crypto gambling does not make too much payment with the winnings more likely we are paying is with the services we are using for example from crypto currency into fiat currency. I always do is to Gambling to my exchange into my crypto to fiat so more likely in transaction fees.

elevates

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Quote from: MiliMil on March 26, 2023, 02:40:01 AM

I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos).
I know the USA has gambling taxes and I think it's ridiculous.
You are risking your own money and if you win you are penalised.
I'm curious as to how many other users have to pay taxes on their winnings.

I am not sure why Australia does not tax gambling earnings but in my country which is India gambling is illegal in a few states online gambling is legal to an extent for which the government charges a 30 percent tax on earnings. They charge the same percentage of tax for cryptocurrency earnings as they believe crypto is gambling.

Maus0728

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Quote from: bisdak40 on March 26, 2023, 03:33:37 AM

Lucky for us here in the Philippines that we don't have such a law of taxing gambling winnings. If the government decides to tax our winnings then probably most of us will stop gambling or maybe corruption will arise because many will bride the tax collector just to pay small amount as tax.

In our country where cockfighting is legal and some cockfighting enthusiasts will win a couple of million of pesos within a day then that could be huge money for the government.

The taxation of gambling winnings in the Philippines is a subject of debate, as the country's tax code lacks clarity on the matter. However, it is important to acknowledge that all gambling winnings are subject to taxation, and the specific amount owed depends on the type of gambling activity and the total amount won.

As far as I know, if an individual's gambling winnings are below PHP 10,000, they will be required to pay a 10% tax on the earnings, and 20% if however, their gambling winnings exceed PHP 10,000. It's worth noting that if an individual wins at a casino, the operator is responsible for reporting the winnings to the Bureau of Internal Revenue (BIR). However, it's unclear what the tax implications are for winnings obtained from offshore casinos.

It's important to mention that small-scale gambling games commonly found in local neighborhoods are exempt from taxes. These include raffles, small-scale lucky draws, and bingo or any other gambling games that can be found on the streets.

If there are any instances of tax evasion, it is likely due to the law not being restrictive enough.

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Quote from: MiliMil on March 26, 2023, 02:40:01 AM

I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos).
I know the USA has gambling taxes and I think it's ridiculous.
You are risking your own money and if you win you are penalised.
I'm curious as to how many other users have to pay taxes on their winnings.

you are risking your money but you are also taking chance to double it or even making it multiple times so what is the problem with taxation?

and also in every profiteering , the government must have a cut and that is for the economy , don't feel bad about taxation and be thankful that in your country there are no taxes not like in ours yet ? we are enjoying our gambling.

ololajulo

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There is a tax on gambling in Nigeria, and the Federal Inland Revenue Service (FIRS) enforces the relevant tax laws. Gambling operators in Nigeria are required to register and pay taxes on their profits under Nigerian tax laws. In Nigeria, gambling operators pay different taxes based on the type of gambling activity they engage in. For instance, the tax rate for sports betting is 7.5% of the total turnover, while the tax rate for casino gambling is 5% of the total turnover.

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Quote from: Mauser on March 26, 2023, 03:39:39 AM

Oh now it makes sense why Australians enjoy gambling so much, I wish I also had to pay no taxes on my gambling winnings. In Germany we have to pay taxes on all type of winnings, that is why the government are pushing lotteries so much. Around 20% of all the money being put into the lottery is being transferred to the government. That's a very profitable business model for the state and I would never expect the government to ban gambling. Paying taxes on gambling winnings is kind of sad if pay attention to it, most of the winning payouts are already quoted after taxes. When it comes to casino winnings we need to declare them ourselves and if we try to hide them it could be a problem during a special audit.

Seems bigger taxes with 20% in your country and possibility to duplicate account without use your country IP? if in your position I am not happy have to pay 20% taxes when getting winning in platform gambling but what happen when loss and there are not refund with fewest percent Grin

. Seems enjoyed with Australian gambler because they don't have to pay taxes fees for government when winning in gambling platform, but the gambling platform is legal or illegal website there?

Some countries not legal with gambling platform and banned all website have connected with gambling, seems if countries not allowed with gambling not have to pay taxes yet but little difficult with IP access have to use VPN.

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Quote from: MiliMil on March 26, 2023, 02:40:01 AM

I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos).
I know the USA has gambling taxes and I think it's ridiculous.
You are risking your own money and if you win you are penalised.
I'm curious as to how many other users have to pay taxes on their winnings.

First of all, how can I be an Australian citizen? Grin

Just kidding.

Well, here in our country there's always the 20 percent tax for lottery winners, especially the jackpot prize. I haven't checked about the other prizes such as 5 numbers or 4 numbers but I doubt they are cutting some taxes on them.
I played in a poker room before and they have the same rule. 20 percent is being cut from the pot prize of the tournament. I got used to it back when I was playing there and I like they are announcing how much the total prize is, it is the exact amount that you will receive because they already took their cut from it.
That's better in my opinion because you won't feel mad about how much money is gone just because of the damn taxation.

mindrust

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Quote from: BitcoinGirl.Club on March 26, 2023, 03:13:21 AM

Quote from: mindrust on March 26, 2023, 02:47:47 AM

Mine does. It is taxfree if you win anything below ~$1200 but if you win more than that, you'll have to pay a 20% tax to the government on that winning.

How do you determine winning?
From bank to bookie $1k. Then from bookie to bank $2.2K?

How about from bank to bookie more $1k after that coming $2.2K. And no other incoming from bookie. that leaves $200 only but you had incoming of $2.2k and it seems you are being taxing for even $200!

Here they don't give a damn about what went to the bookie from the bank and what came back. If you made any profits on a game and that profit is bigger than appr. $1200, then you have to declare your income and pay a tax. That's all that matters. It may sound ridiculous but the gov is the only bookie around here. Cool

So the money you send from the bank to the bookie, it goes directly to a government entity. Now you should get the idea of what's happening. Cool

You can't hide from the taxxxmannn

Mauser

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Quote from: MiliMil on March 26, 2023, 02:40:01 AM

You are risking your own money and if you win you are penalised.
I'm curious as to how many other users have to pay taxes on their winnings.

Oh now it makes sense why Australians enjoy gambling so much, I wish I also had to pay no taxes on my gambling winnings. In Germany we have to pay taxes on all type of winnings, that is why the government are pushing lotteries so much. Around 20% of all the money being put into the lottery is being transferred to the government. That's a very profitable business model for the state and I would never expect the government to ban gambling. Paying taxes on gambling winnings is kind of sad if pay attention to it, most of the winning payouts are already quoted after taxes. When it comes to casino winnings we need to declare them ourselves and if we try to hide them it could be a problem during a special audit.

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In Spain the legislator raised the limit for national lottery:

In 2018, the first 10k were free of tax.
In 2019, the first 20k.
Since 2021, the first 40k.

Any amount over that limit is taxed at 20%.

Other bets different from national lottery (like poker, sports bets...) are free of taxes until 1k or 1.6k (it depends) but you have to pay between 19% and 45% for the surplus. The good thing is that you can deduct losses if you are methodical and you know how.

bisdak40

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Quote from: MiliMil on March 26, 2023, 02:40:01 AM

I know the USA has gambling taxes and I think it's ridiculous.

Lucky for us here in the Philippines that we don't have such a law of taxing gambling winnings. If the government decides to tax our winnings then probably most of us will stop gambling or maybe corruption will arise because many will bride the tax collector just to pay small amount as tax.

In our country where cockfighting is legal and some cockfighting enthusiasts will win a couple of million of pesos within a day then that could be huge money for the government.

klidex

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For now in my country there is no tax regulation on gambling but the state will ask for taxes for using crypto assets, it's the same as it seems.
Actually, if you think about it, it's a little ridiculous when a gambler who bets using his own money is still asked to provide taxes to the state.
But it seems that it cannot be avoided because the tax is included in the rules set by the state and inevitably you have to provide tax.
If the tax is for the benefit of the state, such as helping the people's economy, it doesn't matter to me. But if tax money is used for personal gain that is very bad.

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Quote from: iv4n on March 26, 2023, 03:13:34 AM

I can't agree more with you... but governments want their cut, and some governments are pretty imaginative when it comes to "taking their cut". Joke or not, maybe soon we will start paying taxes on the air we breathe, at least we who live in some countries with very "imaginative governments"...

Wait! Aren't you already paying for it? CO₂ free, green energy, solar energy, electricity aren't all these to clean the air and they are using our money to fund these projects. You are paying money to breathe already LOL

iv4n

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Sports betting, slots, and other games of chance are considered "special games of chance", while Lotto, Bingo, and the like are those that can only be organized by the state of Serbia!

Basically, playing "special games of chance" is tax-free, offline or online. But the state lottery/bingo is taxed at 20% as I remember, for winning over 800-900 euros, more or less. Someone won 1.9 million euros a month or two ago, he had to pay more than 380k tax. I saw it in the news.

Quote from: MiliMil on March 26, 2023, 02:40:01 AM

I know the USA has gambling taxes and I think it's ridiculous.
You are risking your own money and if you win you are penalised.

I can't agree more with you... but governments want their cut, and some governments are pretty imaginative when it comes to "taking their cut". Joke or not, maybe soon we will start paying taxes on the air we breathe, at least we who live in some countries with very "imaginative governments"...

BitcoinGirl.Club

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Quote from: MiliMil on March 26, 2023, 02:40:01 AM

I know the USA has gambling taxes and I think it's ridiculous.

That's ridiculous LOL
Imagine you gamballed $1k and lost $900. Going home with $100. They are going to cut $20 from it 😂
If I was in USA then I would definitely never check gambling as an option for my entertainment LOL

Quote from: mindrust on March 26, 2023, 02:47:47 AM

Mine does. It is taxfree if you win anything below ~$1200 but if you win more than that, you'll have to pay a 20% tax to the government on that winning.

How do you determine winning?
From bank to bookie $1k. Then from bookie to bank $2.2K?

How about from bank to bookie more $1k after that coming $2.2K. And no other incoming from bookie. that leaves $200 only but you had incoming of $2.2k and it seems you are being taxing for even $200!

QueenVera

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Basically in my country you get taxed directly or indirectly on every money you make and even on bank transactions as well as mobile calls and also on online purchase as well as buying food from eateries, we have to get taxed for almost everything and I just wonder what all of these taxes are used for as there is nothing to write home about and I don't think winnings on gambling is exempted even to the least winnings, we are taxed in my country. I'm sure it is so in some other countries but mine is insane.
But I feel bad that we have to risk our money without any insurance from the government and still get taxed wheh there is a win.

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Quote from: MiliMil on March 26, 2023, 02:40:01 AM

You are risking your own money and if you win you are penalised.

If you have a business, you still have to pay tax. Government do not care if you are making huge money or small money, all they care about is that you should obey the law.

In most countries, also I believe that is how it would be in other countries, that if you lose more than winning, you do not need to pay tax until your net profit is positive, which means your winning should be more than your losses before you should pay tax.

Quote from: MiliMil on March 26, 2023, 02:40:01 AM

I'm curious as to how many other users have to pay taxes on their winnings.

It depends on the law the country has about paying gambling tax, but likely government like going for people that have huge winning that they can notice.

Topic: Does your country tax your gambling winnings? - page 5. (Read 555 times)