Gambling tax proposal in Ukraine - page 6.

madnessteat

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Quote from: KennyR on June 08, 2021, 06:22:37 PM

Tax money is the source for the government and when they meet with unexpected needs like the pandemic, what they do is add up tax. The proposal by Ukraine in my view is acceptable, because they're not into taxation of the essential things. In certain countries taxes were increased on the essential things. Already People are suffering financially, the taxes once again adds pain.

Particularly on the fuel price which leads to the hike in the price of each and everything.

I believe that raising taxes is an admission that the government is not able to properly manage the funds coming into the treasury, and without this it is impossible to raise the economy of the country. Instead of raising taxes, we need to think about how to minimize spending on management, how to increase the number of jobs and retrain workers if necessary.

MCobian

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Quote from: slaman29 on June 08, 2021, 09:28:37 AM

Wait so before this there was no gambling tax in Ukraine? Damn, of course they should implement it:)

I mean, even in my country where you don't see casinos because they're just not allowed, there is a gaming tax sometimes called entertainment tax on lotteries and number games:)

I think it's good to get revenue from gambling, knowing that it does put a small burden on the country.

Taxes are very important for the state to be able to get money that can be used for government projects that aim to make the population prosperous.
This means that the purpose of imposing taxes is good, so I agree that the Ukrainian government should impose taxes if gambling is legal.
Because not all countries legalize gambling, it is impossible for countries to get taxes from the gambling industry if the country prohibits gambling.
Taxes from gambling should be able to help the Ukrainian government, because we know the circulation of money in the gambling world is very large.
Even though I am not a Ukrainian citizen, I support the Ukrainian government to impose taxes. It is for the good of Ukrainian citizens themselves.
The most important thing is that the Ukrainian government must be right in utilizing the taxes obtained from the gambling.

KennyR

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Tax money is the source for the government and when they meet with unexpected needs like the pandemic, what they do is add up tax. The proposal by Ukraine in my view is acceptable, because they're not into taxation of the essential things. In certain countries taxes were increased on the essential things. Already People are suffering financially, the taxes once again adds pain.

Particularly on the fuel price which leads to the hike in the price of each and everything.

just_Alice

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This sure is an attempt to recover from serious losses and debts in Ukraine, resulting from decades of corruption and now, in addition, a pandemic. Gambling became legal there only about a year ago because the government foresaw the upcoming losses, and now they're figuring out the taxes, because the previous laws suggested much higher taxes, which decreased the number of companies that want to get involved with this business.

But these laws are sneaky. For instance, in addition to taxes, there's also a huge amount of money one needs to pay for a license, which ranges from $70,000 to $13.5 million depending on the type of gambling business ($1.5 million for online gambling).

And these 10% taxes are only "gambling taxes", but there are also additional 18% taxes on business revenue (as gambling is also a business). So in the end, an average person wouldn't be able to run such a business. Even with decreased taxes you still need a lot of money, especially in the beginning.

Hydrogen

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Income taxes in the USA were originally marketed as a way to "punish the rich".

In 1913, when income taxes were legislated the wealthy paid 6% income taxes, everyone else paid 1%. Needless to say, it didn't take long for "punish the rich" income taxes to flip to a point where the poor were paying higher taxes than the rich. As normally occurs with "punish the rich" campaigns.

I guess the question here is what percentage of taxes is fair to people. How high can taxes go, before they're deemed unfair and need reform. Do people get their money's worth for taxes paid to governments.

Mahanton

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Quote from: madnessteat on June 08, 2021, 01:23:07 PM

Recently, in many countries of the former CIS there is a gradual impoverishment of the population, many businesses are closing because it is simply unrealistic to compete with Chinese production. Due to the decline in demand for oil and gas, the government is forced to increase the tax burden on business and the gambling business is no exception.

Gambling business would be no exception considering on how big the business or industry is then no doubt that they would really be on the top of the list in case there would be sudden changes in talks of taxation on some business due to that lack or lesser revenue that they are getting on other businesses as well. It isnt surprising that they would make out sudden changes or decisions in regards to this but actually its just for the own good.

madnessteat

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Recently, in many countries of the former CIS there is a gradual impoverishment of the population, many businesses are closing because it is simply unrealistic to compete with Chinese production. Due to the decline in demand for oil and gas, the government is forced to increase the tax burden on business and the gambling business is no exception.

ShowOff

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Quote from: slaman29 on June 08, 2021, 09:28:37 AM

I mean, even in my country where you don't see casinos because they're just not allowed, there is a gaming tax sometimes called entertainment tax on lotteries and number games:)

I don't think a tax would be imposed by the government on them in a country that prohibit gambling like my country because it become illogical when they ban it.

Quote from: slaman29 on June 08, 2021, 09:28:37 AM

I think it's good to get revenue from gambling, knowing that it does put a small burden on the country.

Taxes from gambling will help the government to earn extra money as state revenue, especially in countries that have legalized gambling. Although 10% does not seem too big, it will help the government increase the state treasury during the pandemic.

slaman29

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Wait so before this there was no gambling tax in Ukraine? Damn, of course they should implement it:)

I mean, even in my country where you don't see casinos because they're just not allowed, there is a gaming tax sometimes called entertainment tax on lotteries and number games:)

I think it's good to get revenue from gambling, knowing that it does put a small burden on the country.

btc78

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10% permanent taxation for gambling must be enough for this situation

Ukrainian must understand what is the benefits of taxation for their country and also for their activities.

Sometimes we are just looking for the bad effect but not for the good one.

Quote from: bryant.coleman on June 08, 2021, 06:02:38 AM

I don't think that the proposed rate of 10% is too low. Gambling industry doesn't have very big profit margins, so it is not viable to tax them at the default corporate tax rates. And also remember that the tax is applicable on gross revenues, and not on the profit. So ideally I would argue for a rate even lower than 10%. But I like the attitude from the Ukrainian government. At least they are not prohibiting the gambling industry and pushing it to underground like many of the other countries are doing.

I believe that 10% is best enough mate. not too high and not too low.

bryant.coleman

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I don't think that the proposed rate of 10% is too low. Gambling industry doesn't have very big profit margins, so it is not viable to tax them at the default corporate tax rates. And also remember that the tax is applicable on gross revenues, and not on the profit. So ideally I would argue for a rate even lower than 10%. But I like the attitude from the Ukrainian government. At least they are not prohibiting the gambling industry and pushing it to underground like many of the other countries are doing.

BITCOIN4X

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Quote from: YOSHIE on June 08, 2021, 03:42:25 AM

If i see ukraine doing as i see in this article i think it will be bad for the players themselves, if taxation is passed on to the winner.

Some will say it's outrageous, but others will agree with a winning tax cut. I wouldn't think that small scale gamblers would have a problem with taxe their winning because as long as they don't bet thousand or million of dollar then I would think they would be tax safe. Only gambling whales will think about the amount of tax they will pay the government, while another else is a tax-safe gambler. However, you may hear that lottery winners will surrender to give part of their winnings to the government for taxes.

OP, 10% may be a small number compared to other countries' tax laws, but is it much less for a winners tax?

kotajikikox

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Quote from: Lanatsa on June 07, 2021, 02:36:13 PM

Those numbers are just too far off from this list;
https://www.casino.org/blog/comparing-gambling-taxes-around-the-world/

Since this is still a proposal then it could be still changed nor not to be implied or integrated but frankly speaking it isn't really just too big
to freak on for those gambling business owners out there.

Proposal can be revised depend on what they will be considered , because in every rules there is opposition and i know it will come everytime .
Ukraine is a gambling lover country same as russian and other european countries so basically the rules will be applied in reasonable way.

Quote from: ?? on ??

While 10-30% might sound a lot for some people, we need to look at whole picture. Ukraine is in a special situation, the country is fighting a civil war for many years now. The economic conditions are pretty bad since the Eastern part of the country declared independence, which was the economic strongest part. Even though Ukraine is receiving international help, they need money. A big part of the male workforce either is fighting or returned from fighting, being a strong burden on Ukraine.

30% is more appropriate than losing in gambling all the way.

Johnyz

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Quote from: Lorence.xD on June 08, 2021, 12:13:05 AM

Quote from: ?? on ??

If I'm not mistaken Lottery games and poker are the only gambling games that is legal in Ukraine, and its already taxable I believe. Is this new proposal aims to introduce more games and adoption or just a pure TAX proposal? Anyway, 10% is indeed law because in my country we tax casinos or gambling activities on so many ways as long as its legal and they make it into law so casinos wont get away from it, I'm not sure though with the current rate but considering all the taxes, I'm pretty sure its beyond 10%

10% tax for a casino is not that high because in my country they have a really elaborate ways to tax the gambling houses and the government even have their own gambling house that works on charity most of the time.

That's right there's a lot of people that plays lottery and that's a government owned gambling house which some of the winners are tax free actually so they can attract more gamblers. The tax proposal should have a good purpose to raise extra funds but if they are just imposing taxes for their own benefit then its useless. Ukraine are too strict in gambling, you have to follow the law and if you are obliged to pay necessary taxes, you can't do anything about it.

YOSHIE

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I have read about the tax proposals that will be imposed by the Ukrainian government on gambling, from a gambling perspective it is a big reason to improve the country's current economy, no wonder in certain countries the list of online gambling sites is booming, they know that gambling is currently the biggest favorite among many people.

It is for this reason that many countries are currently implementing a taxation system on gambling sites, the state believes it is one of the main reasons to improve the country's economy, as Ukraine did.

I've read about countries that implement a tax system, but that only applies to casino gambling sites, not to bettors.

If i see ukraine doing as i see in this article i think it will be bad for the players themselves, if taxation is passed on to the winner.

Quote

The proposal also defines a threshold of 8 times the annual minimum wage in the country, approximately $1,750, with any winnings above it subdued to a winning tax.

For that each country has its own laws in taxation rules.

Woodie

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Since you saying it's a proposal depending on how the affected parties react...tax rate could go lower but I see a drop in gambling companies and a barrier to entry for new players in this industry.

But why tax gambling now are Ukrainians gambling alot? Thought with the Corona pandemic gambling was expected to be on the rise.

Quote from: TimeTeller on June 07, 2021, 03:35:12 PM

Quote from: dunfida on June 07, 2021, 02:20:43 PM

Nothing to be shocked and heck 10% is something reasonable compare into other states or countries which does have outrageous taxation percentage.

We cant tell on whats the reason on sudden change but with due common sense then its understandable that they would really be needing some add up
not only for sake of economy but also with that pandemic situation i presume.

Taxation is never been bad as long it would be handled out correctly. Bad news for those who do tempt to make a new business but actually its for the own good.

I do agree that 10% is considerably low as compared to other countries.
Just to get an idea where they are positioned at, in terms of gambling tax rate.

This article was only last year. So the rates may have not changed significantly as compared today.
As long as the government is putting those funds into good use, that would be fine.

https://www.casino.org/blog/comparing-gambling-taxes-around-the-world/

Clearly these high tax rates show the intention of the government which is to discourage gambling by its citizens and maybe try to indirectly try to push its people in much more constructive activitiesthan gambling as the govt sees gambling to have a negative effect on a person and reduce their productivity at work if they keep this up.

Lorence.xD

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Quote from: ?? on ??

If I'm not mistaken Lottery games and poker are the only gambling games that is legal in Ukraine, and its already taxable I believe. Is this new proposal aims to introduce more games and adoption or just a pure TAX proposal? Anyway, 10% is indeed law because in my country we tax casinos or gambling activities on so many ways as long as its legal and they make it into law so casinos wont get away from it, I'm not sure though with the current rate but considering all the taxes, I'm pretty sure its beyond 10%

10% tax for a casino is not that high because in my country they have a really elaborate ways to tax the gambling houses and the government even have their own gambling house that works on charity most of the time.

Wexnident

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I'd actually appreciate it if newer companies were prevented from being created due to the fees of starting up one being quite low. I'd rather have a single casino that's honest to its customers than looking for one in a multitude of casinos that are probably scamming other newbies. Quite rare, but it still happens I must say. And besides, I don't think the government even has the idea of actually wanting more people to create more gambling companies, now that'd be just odd no?

As for the tax, well, as long as it's managed properly I don't really think it's that high. It's actually on the low side even.

STT

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10% sounds low but casinos can be unlucky too, its 10% of the profits I guess just confusing for me when they say 10% flat tax I wonder if they want to tax money for revenue which is going to be a problem. Doesnt sound feasible because any gambling operation can lose big at least sometimes that will occur. Profit sharing is normal in commodity take businesses where its a natural resource and gambling is considered a recession proof industry useful to government for its consistency thats why an outright ban rarely makes sense and is usually just handing trade to other countries as almost any population of people will gamble on something.

Saint-loup

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Quote from: fiulpro on June 07, 2021, 12:01:33 PM

The have been a tax proposal recently announced which according to the officials will impact the overall situation of Ukraine. Few things to consider here :

Quote

The Scientific and Expert Management Committee of the Parliament argued the latest tax proposal on gambling would impact budgetsThe proposal set a flat 10% tax rate for all gambling verticals and removes plans for license fees hikeThe committee outlined a number of factors influencing gambling tax rate policy and not justifying reducing the tax burden on operators

If you do think that 10% is a huge amount I do think you have to read the full article where they state that for them it was a sum between 10-30% . For the government a 10% tax proposal is honestly low. But according to the experts this might reduce the consumption.

The companies might soon find them in a bind. The license fee is also supposed to hike which will cause probelms for the new companies. For the already established one's it might be a bad news nothing else but the government will soon see lower people interested in establishing their own companies. I do think the government is trying to compensate for covid and at the same time there are some probelms with Russia right now therefore they are trying to play safe and earn some money.

What do you think ?
https://www.gamblingnews.com/news/gambling-tax-proposal-may-impact-ukraine-state-and-local-budgets/

The article is interesting but it doesn't talk about taxes on cryptocurrencies and gambling winnings in cryptocurrencies. Usually profits from cryptocurrency investments are already taxed by authorities then they are not able to tax gambling winnings in cryptocurrencies to keep a consistent regulation and avoid double taxations.

Topic: Gambling tax proposal in Ukraine - page 6. (Read 1060 times)