Exactly, if the government will impose high taxes on gambling, it's either they want to make more revenue while keeping the business alive or they just want to kill the industry as they don't want to put a complete ban on gambling. The purpose is really important, and if gambling operators still continue to operate despite the high taxes, that means they can afford to pay the taxes as they are running a profitable business.
But things are never that simple, you need to understand that there are going to be consequences for increasing taxes to very high levels, and without a doubt one of those consequences is that many casinos are not going to be able to keep themselves operating and they are going to close down their doors especially after they were forced to keep their doors closed because of the pandemic, and this means that many illegal casinos are going to appear that do not really care about anything except making profits which will accelerate somewhat the rate at which the virus moves among that population as no preventive measures are taken in those casinos. 
Topic: Taxes on gambling send the right message? - page 2. (Read 3461 times)
Gamblers and gambling operators have different tax liabilities, and they do process the filing separately, however, if the regulators will direct the casinos to be withholding tax agents, then they can withheld taxes from the gamblers' winnings and gambling will not need to worry in filing the tax.
These are two types of taxes. In case of casinos, they needs to pay the corporate tax, while in case of the gamblers, they are required to pay income tax. Tax withholding is usually done in case of large winnings and the threshold may vary from country to country. Personally I don't support taxing the gamblers, as it amounts to double taxation. And many of the countries (especially those in the European Union) don't levy a tax on the winnings. On the other hand, in the US the gamblers are required to pay tax on their winning amount.
But what I know is that people that know about cryptocurrency's gambling site will see it attractive as no tax may be paid.
You don't think that a country that legalize cryptocreency use will always put an eyes in every aspect that has something doing with cryptocreency including gambling especially when tax is followed up too. I think it will and the management of the business will be taxed if the gamblers can't be made to pay for winnings.
Gamblers and gambling operators have different tax liabilities, and they do process the filing separately, however, if the regulators will direct the casinos to be withholding tax agents, then they can withheld taxes from the gamblers' winnings and gambling will not need to worry in filing the tax.
I think what Oshosondy was trying to say is that crypto gambling sites may not be paying taxes, so it is an attractive opportunity. I believe for those who don't have any gambling license, or any type of business registration, they are not paying any taxes. However, without gambling license, it would take time for the site to earn credibility from the gambling community.
But what I know is that people that know about cryptocurrency's gambling site will see it attractive as no tax may be paid.
You don't think that a country that legalize cryptocreency use will always put an eyes in every aspect that has something doing with cryptocreency including gambling especially when tax is followed up too. I think it will and the management of the business will be taxed if the gamblers can't be made to pay for winnings.
Gamblers and gambling operators have different tax liabilities, and they do process the filing separately, however, if the regulators will direct the casinos to be withholding tax agents, then they can withheld taxes from the gamblers' winnings and gambling will not need to worry in filing the tax.
But what I know is that people that know about cryptocurrency's gambling site will see it attractive as no tax may be paid.
You don't think that a country that legalize cryptocreency use will always put an eyes in every aspect that has something doing with cryptocreency including gambling especially when tax is followed up too. I think it will and the management of the business will be taxed if the gamblers can't be made to pay for winnings.
Well am not sure if it's a really good idea that the government is earning from all the gambling companies and during the pandemic they did increase the tax, by a hell lot therefore I do think that they don't have a moral ground for doing that.
The countries with Muslim dominated population are the ones which are trying to force the religion onto people and I did see a post where there were photos from south Arabia showing people gambling.
Regulations are good but only when they are not exploiting the very industry that they are gaining the profit from.
The countries with Muslim dominated population are the ones which are trying to force the religion onto people and I did see a post where there were photos from south Arabia showing people gambling.
Regulations are good but only when they are not exploiting the very industry that they are gaining the profit from.
I think the moral ground in order to validate the government's move of increasing their tax on gambling is for their expenditure. Like what I previously mentioned, taxes are what enables the government to function and to provide projects for the community. Given that gambling, in general, is widespread popular, it is evident and obvious that they would have to increase the taxes by a lot.
Regulations are definitely good as long as they do not exceed or destroy a business activity. Any regulation that restricts or provides unreasonable fees has the potential of destroying businesses in the country- in which the government would also suffer during the process.
I was thinking that many countries are reluctant to legalise certain activities such as gambling, prostitution, smoking, ... and, apart from countries that have strong social and religious restrictions (I refer to those as the death-by-boredom countries) others simply consider than the state should not profit or allow activities that are considered diminishing for the workers or that may harm their health and personal relations (it must be difficult to be an addict to gambling or a prostitute and have a normal life).
However, other countries simply set high taxes to these activities, which I think is a false morality, as if by paying these activities can be less questionable. (Note: I personally do not question regulated gambling).
However, other countries simply set high taxes to these activities, which I think is a false morality, as if by paying these activities can be less questionable. (Note: I personally do not question regulated gambling).
Well am not sure if it's a really good idea that the government is earning from all the gambling companies and during the pandemic they did increase the tax, by a hell lot therefore I do think that they don't have a moral ground for doing that.
The countries with Muslim dominated population are the ones which are trying to force the religion onto people and I did see a post where there were photos from south Arabia showing people gambling.
Regulations are good but only when they are not exploiting the very industry that they are gaining the profit from.
The customers may notice this, and may instead go to illegal gambling dens. In the end, the legal casinos will lose their business, and the government will witness a fall in tax revenue.
Why will the customers go for illegal gambling when gambling is accepted in the country, only this can be used when gambling is not allowed in a country just like Muslims countries, but if gambling is legal, gambling sites will want to follow the rules and laws of their government. But what I know is that people that know about cryptocurrency's gambling site will see it attractive as no tax may be paid.Normal people won't consider illegal casinos, if the legal ones are available. But legal casinos, for most part have strict KYC requirements. And this creates issues for those who have unaccounted funds, or those who have links with shady transactions. I don't think that someone would go to an illegal casino just because the house advantage is one or two percentage lower. The only instance when they depend on an illegal casino is in cases where they have issues with KYC requirements or they are legally prohibited from spending their funds on gambling.
It does not automatically mean that you have shady transactions if you prefer to use a non-regulated casino or illegal casino, some just don't want to divulge their personal information as they want to keep it private, and for me, privacy really matters that's why I choose to gamble in crypto casinos that has no KYC requirement, and until now, there's still many of them in the space.
The customers may notice this, and may instead go to illegal gambling dens. In the end, the legal casinos will lose their business, and the government will witness a fall in tax revenue.
Why will the customers go for illegal gambling when gambling is accepted in the country, only this can be used when gambling is not allowed in a country just like Muslims countries, but if gambling is legal, gambling sites will want to follow the rules and laws of their government. But what I know is that people that know about cryptocurrency's gambling site will see it attractive as no tax may be paid.Normal people won't consider illegal casinos, if the legal ones are available. But legal casinos, for most part have strict KYC requirements. And this creates issues for those who have unaccounted funds, or those who have links with shady transactions. I don't think that someone would go to an illegal casino just because the house advantage is one or two percentage lower. The only instance when they depend on an illegal casino is in cases where they have issues with KYC requirements or they are legally prohibited from spending their funds on gambling.
The customers may notice this, and may instead go to illegal gambling dens. In the end, the legal casinos will lose their business, and the government will witness a fall in tax revenue.
Why will the customers go for illegal gambling when gambling is accepted in the country, only this can be used when gambling is not allowed in a country just like Muslims countries, but if gambling is legal, gambling sites will want to follow the rules and laws of their government. But what I know is that people that know about cryptocurrency's gambling site will see it attractive as no tax may be paid.Yeah right, there are gamblers who still play with underground casinos. They choose to play with some other gamblers who love to explore and feel the ambiance.
Although they already have legal places to enjoy the game, they continue to patronize illegal gambling houses and continue to enjoy the way this kind of business is taking care of their gambling experiences.
But likewise, if personally, I would rather play with the legal house than play with those underground gamings.
In illegal casinos, there are no taxes, so even if you win, you are not obliged to pay the taxes, I think that's one of the advantages why some gamblers choose to risk in playing this kind of platform. Maybe they also weight the risk and reward, if they get caught, what would be the jail time, or how much they'll pay for the bail, and other related things.
The customers may notice this, and may instead go to illegal gambling dens. In the end, the legal casinos will lose their business, and the government will witness a fall in tax revenue.
Why will the customers go for illegal gambling when gambling is accepted in the country, only this can be used when gambling is not allowed in a country just like Muslims countries, but if gambling is legal, gambling sites will want to follow the rules and laws of their government. But what I know is that people that know about cryptocurrency's gambling site will see it attractive as no tax may be paid.Yeah right, there are gamblers who still play with underground casinos. They choose to play with some other gamblers who love to explore and feel the ambiance.
Although they already have legal places to enjoy the game, they continue to patronize illegal gambling houses and continue to enjoy the way this kind of business is taking care of their gambling experiences.
But likewise, if personally, I would rather play with the legal house than play with those underground gamings.
The customers may notice this, and may instead go to illegal gambling dens. In the end, the legal casinos will lose their business, and the government will witness a fall in tax revenue.
Why will the customers go for illegal gambling when gambling is accepted in the country, only this can be used when gambling is not allowed in a country just like Muslims countries, but if gambling is legal, gambling sites will want to follow the rules and laws of their government. But what I know is that people that know about cryptocurrency's gambling site will see it attractive as no tax may be paid.
The customers may notice this, and may instead go to illegal gambling dens. In the end, the legal casinos will lose their business, and the government will witness a fall in tax revenue.
Why will the customers go for illegal gambling when gambling is accepted in the country, only this can be used when gambling is not allowed in a country just like Muslims countries, but if gambling is legal, gambling sites will want to follow the rules and laws of their government. But what I know is that people that know about cryptocurrency's gambling site will see it attractive as no tax may be paid. We all know that casinos are one of the lucrative sources of government's money.
And the casinos will not agree with the implemented tax if they will head to bankruptcy.
So if the casino feel that they can't pursue their business because of the tax, they can always negotiate with the government.
The government will not resort to closing them down but instead the situation is more on meeting halfway.
Unfortunately, the casino needs the government's permission before they can continue their business.
And the casinos will not agree with the implemented tax if they will head to bankruptcy.
So if the casino feel that they can't pursue their business because of the tax, they can always negotiate with the government.
The government will not resort to closing them down but instead the situation is more on meeting halfway.
Unfortunately, the casino needs the government's permission before they can continue their business.
It is a very thin line. Casino business is very risky. A few jackpot wins by the customers can push the annual financial balance to red. That is why small players are largely absent from this business. And in case the tax rates go beyond a certain limit, then the casinos will be forced to increase the house advantage, in order to maintain the profit margin. The customers may notice this, and may instead go to illegal gambling dens. In the end, the legal casinos will lose their business, and the government will witness a fall in tax revenue.
Exactly, if the government will impose high taxes on gambling, it's either they want to make more revenue while keeping the business alive or they just want to kill the industry as they don't want to put a complete ban on gambling. The purpose is really important, and if gambling operators still continue to operate despite the high taxes, that means they can afford to pay the taxes as they are running a profitable business.
Casinos are government's cash cow because it is patronized by rich people and the flow of money is continuous, the government knows that the money keeps flowing in and they want to have a share of that profit by imposing huge taxes, seldom we read that casinos folding because of the high taxes when they just impose the additional taxes to their players, so I believe the casinos will not die because of high taxes.
Exactly, if the government will impose high taxes on gambling, it's either they want to make more revenue while keeping the business alive or they just want to kill the industry as they don't want to put a complete ban on gambling. The purpose is really important, and if gambling operators still continue to operate despite the high taxes, that means they can afford to pay the taxes as they are running a profitable business.
Casinos are government's cash cow because it is patronized by rich people and the flow of money is continuous, the government knows that the money keeps flowing in and they want to have a share of that profit by imposing huge taxes, seldom we read that casinos folding because of the high taxes when they just impose the additional taxes to their players, so I believe the casinos will not die because of high taxes.
We all know that casinos are one of the lucrative sources of government's money.
And the casinos will not agree with the implemented tax if they will head to bankruptcy.
So if the casino feel that they can't pursue their business because of the tax, they can always negotiate with the government.
The government will not resort to closing them down but instead the situation is more on meeting halfway.
Unfortunately, the casino needs the government's permission before they can continue their business.
Quote
However, other countries simply set high taxes to these activities
There is a reasonable argument that the tax is to pay for future costs to those activities. Most obvious would be smoking which has no toll for years until in later decades the person may have trouble breathing, cancer and all sorts of negatives like heart disease and many other costs to society, the person, their ability to work and also healthcare costs in countries that provide healthcare for all. That would be quite justified as we now know smoking has a very great cost in accumulation due to addiction and repetition.
I dont class gambling as such a negative thing, the vast majority of people are just playing a game and I think only a minority could become dependent in some way perhaps. However its reasonable to tax to a small extent, not excessively but in a small reasonably competitive manner that is justified by the legal support of that government and nations infrastructure. I have no belief in excessive levels of tax for any product really, it only encourages business to occur elsewhere instead.
Exactly, if the government will impose high taxes on gambling, it's either they want to make more revenue while keeping the business alive or they just want to kill the industry as they don't want to put a complete ban on gambling. The purpose is really important, and if gambling operators still continue to operate despite the high taxes, that means they can afford to pay the taxes as they are running a profitable business.
Casinos are government's cash cow because it is patronized by rich people and the flow of money is continuous, the government knows that the money keeps flowing in and they want to have a share of that profit by imposing huge taxes, seldom we read that casinos folding because of the high taxes when they just impose the additional taxes to their players, so I believe the casinos will not die because of high taxes.
If you keep the tax on gambling low, more people will properly declare it and pay the tax. There are countries where you have to pay really ridiculously high taxes. And there is virtually no supervision of such practices. So completely pointless. maybe some countries not even charge any money at all as tax.
ya.ya.yo!
And this is the problem with trying to send a message through raising the taxes of an activity, taxes should not be punitive and instead should be nothing more but a way to get some funds for the governments, if they raise the taxes to the point that people think it is ridiculous then there are going to be many people that are going to prefer to play in establishments that are illegal simply to avoid paying the tax, a situation that exposes them to additional dangers that they should not have been exposed on the first place if the taxes were fair to the industry.ya.ya.yo!
It would neither be affecting the gamblers itself or would totally be affecting the business owners as simple as that but expect on what would be the things that they would possibly go.
Taxation is normal but in the sense that it would really be that punishing kind of act where percentage should at least be considerable.
Exactly, if the government will impose high taxes on gambling, it's either they want to make more revenue while keeping the business alive or they just want to kill the industry as they don't want to put a complete ban on gambling. The purpose is really important, and if gambling operators still continue to operate despite the high taxes, that means they can afford to pay the taxes as they are running a profitable business.
If you keep the tax on gambling low, more people will properly declare it and pay the tax. There are countries where you have to pay really ridiculously high taxes. And there is virtually no supervision of such practices. So completely pointless. maybe some countries not even charge any money at all as tax.
ya.ya.yo!
And this is the problem with trying to send a message through raising the taxes of an activity, taxes should not be punitive and instead should be nothing more but a way to get some funds for the governments, if they raise the taxes to the point that people think it is ridiculous then there are going to be many people that are going to prefer to play in establishments that are illegal simply to avoid paying the tax, a situation that exposes them to additional dangers that they should not have been exposed on the first place if the taxes were fair to the industry.ya.ya.yo!
It would neither be affecting the gamblers itself or would totally be affecting the business owners as simple as that but expect on what would be the things that they would possibly go.
Taxation is normal but in the sense that it would really be that punishing kind of act where percentage should at least be considerable.
Jump to: