Gambling tax proposal in Ukraine - page 7.

mv1986

legendary

Activity: 2058

Merit: 1166

Quote from: Slow death on June 07, 2021, 03:29:22 PM

in my country the tax are much higher than these, and the government has many fines in case of any infraction, if I'm not mistaken the minimum tax in my country is 17%... I don't know how the governors of my country they think when they pose so many obstacles. if a person and a company are paying high fees then how are people supposed to be able to become financially independent? how do you expect gambling companies not to go bankrupt if they have to pay high tax? maybe the world will only develop when the current generation starts to assume power in governments

Is this about bricks and mortar gambling companies? I don't see online casinos going broke, especially if they are from other locations. For them it is just an integration of the Ukrainian language in their web interface. It is not that they run a totally independent and different company in Ukraine.

I wonder anyway how is the Ukraine going to stop online casinos from abroad? There is literally no country in the world that managed to do that because of VPNs.

I also don't know about the statistics of gambling in Ukraine, but the financial damage Covid has caused s probably so substantial that a gambling tax is a drop in the bucket at maximum I would guess.

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Reading the article posted by OP, there are other things that are discussed also like "make additional contributions to social programs to address the negative impact of gambling and thus raise the cost of their services and further reduce gambling levels." At least, they are also worried about the negative impact of gambling on their citizens. So to compensate for such impact, these gambling businesses will contribute on social programs of their country. And in terms of the tax rate, I believe, that's very reasonable rate considering that other countries are charging much much higher than their rate. It means, these businesses can still survive even with this 10% tax rate.

goinmerry

legendary

Activity: 2940

Merit: 1083

May I know what's the current tax rate in gambling in that country?

Because the issue is, if the 10% flat rate tax will be imposed, it will affect the gambling revenue in the country or the overall budget that's why parliament wants the government to consider subsidies to address the deficit.

Those proposals are a product of a brain-storming so it's make me think that it's a big issue there that tax related to gambling should be modified.

TimeTeller

hero member

Activity: 2744

Merit: 588

Quote from: dunfida on June 07, 2021, 03:20:43 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/

swogerino

legendary

Activity: 3136

Merit: 1233

Bitcoin Casino Est. 2013

That is a normal number for me at 10% and I am not shocked at all.Where I am located right now is 15% and people are well aware of it.It looks like different governments are finding new ways to make government pockets full so they can keep the state running and why not improve it a bit.Here the government although a poor one like Albania have already passed the law that Bitcoin is legal and are now studying ways to tax mining income.Probably they will add buy/sell tax later but this all adds up to government pockets which in theory should serve better its citizens although we know this is rarely the case nowadays.

Lanatsa

hero member

Activity: 2968

Merit: 687

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.

Slow death

legendary

Activity: 3150

Merit: 1125

Leading Crypto Sports Betting & Casino Platform

in my country the tax are much higher than these, and the government has many fines in case of any infraction, if I'm not mistaken the minimum tax in my country is 17%... I don't know how the governors of my country they think when they pose so many obstacles. if a person and a company are paying high fees then how are people supposed to be able to become financially independent? how do you expect gambling companies not to go bankrupt if they have to pay high tax? maybe the world will only develop when the current generation starts to assume power in governments

dunfida

legendary

Activity: 3122

Merit: 1140

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.

fiulpro

hero member

Activity: 1862

Merit: 830

Quote

I see this as a plan to discourage Investors from going into gambling business so as to reduce the rate of gambling practices in Ukraine. Hiking license fee would not only shake the investors it will also make newer investors have a rethink if they would go ahead and invest or not

Nevada have like the lowest tax rates around 6.75% and at the same time the gambling winnings are taxed at much much higher rates, consider USA , they have to give like 24-25% of their winnings !! This is outrageous. When you are talking about gambling company as an investment 0% tax rate is there is the investor directly holds 50% or more. Which is quite a shock to see the government keeping gambling aside at 10%.

But then again I think it's reasonable as compared to other state authorities. If you compare it with the prices in the whole Europe, you will be shocked.

You have to pay 23% if you have a gambling company and 35% If you have a slot machine !!! Therefore Ukraine is much better in comparison.

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

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

10% tax rate for me is high I am aware other countries might have higher task rates but it's still high because most of this gambling sites record huge losses as well compared to other businesses giving out 10% on tax is not ideal

Quote

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 ?

I see this as a plan to discourage Investors from going into gambling business so as to reduce the rate of gambling practices in Ukraine. Hiking license fee would not only shake the investors it will also make newer investors have a rethink if they would go ahead and invest or not

Fortify

legendary

Activity: 2688

Merit: 1192

Quote from: fiulpro on June 07, 2021, 01:01:33 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/

It seems like a fairly good idea with the tax amount being low but possibly required to draw in gambling institutions from other locations. The key thing with Ukraine is it has suffered corruption for so many decades that any new law has to be kept as simple as possible with transparency being the number one aim. When corruption becomes so deeply ingrained in a society, to destroy it you will upset a lot of people even though the average citizen will be much better off long term if it is designed well enough. I can only hope the politicians have the courage to see through the reforms, because there will be a lot of dirty money throwing all sorts of tricks to keep the current situation. Best of luck to Ukraine and any country that is trying to better themselves through honest, scientific and expert led reforms.

fiulpro

hero member

Activity: 1862

Merit: 830

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/

Topic: Gambling tax proposal in Ukraine - page 7. (Read 1044 times)