Topic: How is gambling taxed? - page 2. (Read 262 times)
In our country, online gambling sabong (cock fighting) is considered to be taxed in the future because of its great revenue, instead of being shut down by the Philippine Government, they decided to put a tax on it instead, however, there's not specific date yet about this, so for now, online gambling (using Philippine Peso) is not yet being regulated as well as online gambling sites that uses cryptocurrency.
in my country if i'm not wrong the government charges 17% for offline gambling and for online gambling. when I make a bet and win I get 17% deducted... Is a very high value in my opinion since I don't even see anything being developed in my country, to make matters worse Is that my country's government charges a very high fine in case of any disrespect the casinos do. strange Is that they still haven't started charging fees for exchanges and I'm wondering how they charge fees for exchanges? I know it's Off-topic but I have this curiosity
that's what he wants to know, maybe OP enters offline casinos
i believe that OP is talking not only about online gambling but the whole like offline also.
that's what he wants to know, maybe OP enters offline casinos
I have idea about how cryptocurrencies are taxed by the governments, but I just want to be sure if it is the same as how gamblers are taxed. Normally, the gambling industry will never go broke and they are growing daily and able to pay the tax imposed on them by the government, but what about gamblers. In crypto, capital losses are not taxied, is this applicable to gamblers too?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
Best to check this thread mateI am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
https://bitcointalksearch.org/topic/does-implementing-a-tax-on-a-gambling-platform-really-help-a-country-5343885
this tackles about gambling taxation in the future.
In Germany there will come a new law making many online-gambling-providers legal in Germany. Also included there is a new tax. As far as I am informed a tax of 7% is claimed by the authority from every bet you make e.g. in a poker cash game. This would be the end for many providers especially poker.
i believe that OP is talking not only about online gambling but the whole like offline also.
In Germany there will come a new law making many online-gambling-providers legal in Germany. Also included there is a new tax. As far as I am informed a tax of 7% is claimed by the authority from every bet you make e.g. in a poker cash game. This would be the end for many providers especially poker.
...I would have no problem taxing responsible bettors, but gambler... I really don't think so.
It OK to tax Responsible Bettors though.
What do you understand as bettors? Gamblers are bettors, the two are synonyms. It OK to tax Responsible Bettors though.
Also no government will encourage gambling, it is gambling companies that do advertise it while government are gaining from it through taxing which will not make them discourage it, but they are not encouraging it.
What I just see most about this is that government should only tax the gambling companies not the gamblers. Or the gamblers capital losses should first be deducted from the gain and should not count as part of the taxing.
I have idea about how cryptocurrencies are taxed by the governments, but I just want to be sure if it is the same as how gamblers are taxed. Normally, the gambling industry will never go broke and they are growing daily and able to pay the tax imposed on them by the government, but what about gamblers. In crypto, capital losses are not taxied, is this applicable to gamblers too?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
I also don't know how casino been taxed by the government in some parts of the world but this article gives us little hint about how tax executed on their platform https://www.casino.org/blog/comparing-gambling-taxes-around-the-world/
Also the only one can clearly answer this is the casino owners but I'm sure they are silent about this topic and doesn't want to disclose the figures on how much they pay.
Not all countries tax gamblers and a whole lot don't have a central regulatory body that accesses what goes on within the gambling sector. For developed countries with mordernised technology gambling is been taxed based on gains and on the basis of been a professional gambler or having gambling as a hubby. I think no government would tax it's citizens based on losses I cured
Would it be proper to tax gamblers, particularly people who take big risk in betting? I would have no problem taxing responsible bettors, but gambler... I really don't think so.
Government should discourage people from gambling rather than taxing it. Doesn't sound responsible to tax people who gamble(or take big risk with their money). It's more like taxing cigarettes or even junk foods, and that seems like society is benefitting at the expense of others.
It OK to tax Responsible Bettors though.
Government should discourage people from gambling rather than taxing it. Doesn't sound responsible to tax people who gamble(or take big risk with their money). It's more like taxing cigarettes or even junk foods, and that seems like society is benefitting at the expense of others.
It OK to tax Responsible Bettors though.
I think it depends on the country and how they tax businesses, gambling has a different kind of taxing in my country compared to a normal business. Also, if you are winning I think that there's a minimum amount of money that isn't taxed in any way, say your country don't tax up to 10k USD then probably you won't have to worry about taxation.
I have idea about how cryptocurrencies are taxed by the governments, but I just want to be sure if it is the same as how gamblers are taxed. Normally, the gambling industry will never go broke and they are growing daily and able to pay the tax imposed on them by the government, but what about gamblers. In crypto, capital losses are not taxied, is this applicable to gamblers too?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
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