Zimbabwe Votes and Backs 10% Tax on Sports Betting Winnings - page 2.

SmartGold01

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Quote from: Gozie51 on January 01, 2025, 02:02:43 PM

Do you think the gambling population would see it as a fair system or they would evade paying the tax?

More importantly, government introduce tax on gambling profit but they don't have repayment package for wager loses Grin

hehehe

This is where they are getting it wrongly because they don't value their citizens. But wait a moment, does this applies to all crypto casinos or only landbase casinos?
Sometimes decentralized casinos could help in the country where their government impose law. I mean a web3 casinos were the gambling operators do not ask for kyc as I believe through kyc government knows or monitor the numbers of people who interact or signed up through that platform (I could be wrong or right).
Anyway, a country like Zimbabwe where their currency is extremely poor aren't meant to be too hash on their citizens as I believe that is extortion to the highest level.

Odusko

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Quote from: OgNasty on January 03, 2025, 02:08:46 PM

Quote from: Odusko on January 03, 2025, 01:59:46 PM

Quote from: freedomgo on January 03, 2025, 07:38:20 AM

Snip ~

I think the government sees the problems that gambling is creating and is doing what they can to raise funds to deal with those problems. The overall idea is an honorable one. However, the problem lies in that same government being full of fraud and waste, so none of the money they raise will actually go towards fixing anything. They'll just keep lining their pockets and begging people like MrBeast to help them. Unfortunately, as evidenced from MrBeast's African helper that was murdered last Monday for her car (I believe that's the rumor), sometimes just giving people handouts can go bad, and it usually does. The governments in Africa really need to get it together. They can't cry poverty and unfairness forever.

10% tax is way too much for trying to help people overcome the problems of gambling, one of the highest corrupt government sectors is the financial sector where tax belongs, just as you have rightly said, government officials are full of fraud and most of time's, taxes never get to the right accounts, I have seen in some cases where tax officials generate their on tax receipts and issue it to collect tax, all that money is diverted into their pocket, so when it comes to collecting taxes to solve a problem as critical as gambling problems, that means the solution is quite far from reaching and we have to face the reality of the day, which is government officials using any possible means to scam, siphon and embezzling public fund's.

tvplus006

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The fact that the government will charge a 10% tax on winnings is understandable to me, but will the amount that the player lost earlier be added to the final calculation? After all, it may happen that a player has lost $200 and then won $100, and how will taxation be conducted in this case?

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Quote from: Odusko on January 03, 2025, 01:59:46 PM

Quote from: freedomgo on January 03, 2025, 07:38:20 AM

Honestly, I don’t get what’s going on in the heads of government leaders when they decide to tax sports betting winnings. I mean, most of us aren’t even winning regularly, and when we do get lucky, they still want a cut? And 10% is no joke, especially for big winnings. Is this their way of discouraging gambling, or are they just trying to squeeze more out of us because they’re not content with the revenue they’re already raking in from income taxes and sportsbook operators? Feels like a double whammy either way!

They are carried away with the rising popularity of sports betting and gambling entirely and instead of creating regulations for the gambling sector in Zimbabwe, they are shifting focus only on sports betting winning alone, most of them making such laws don't even know what betting is all about and how hard it is to predict the games, the only time and thing that get the attention of the government is a few winning that comes in form of the jackpot, like last time two guys won sports bets to the tune of 160 millions of my local currency, winning like this can catch the attention of government officials thinking that such winnings are frequent and easily achieve.

I think the government sees the problems that gambling is creating and is doing what they can to raise funds to deal with those problems. The overall idea is an honorable one. However, the problem lies in that same government being full of fraud and waste, so none of the money they raise will actually go towards fixing anything. They'll just keep lining their pockets and begging people like MrBeast to help them. Unfortunately, as evidenced from MrBeast's African helper that was murdered last Monday for her car (I believe that's the rumor), sometimes just giving people handouts can go bad, and it usually does. The governments in Africa really need to get it together. They can't cry poverty and unfairness forever.

Odusko

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Quote from: freedomgo on January 03, 2025, 07:38:20 AM

Honestly, I don’t get what’s going on in the heads of government leaders when they decide to tax sports betting winnings. I mean, most of us aren’t even winning regularly, and when we do get lucky, they still want a cut? And 10% is no joke, especially for big winnings. Is this their way of discouraging gambling, or are they just trying to squeeze more out of us because they’re not content with the revenue they’re already raking in from income taxes and sportsbook operators? Feels like a double whammy either way!

They are carried away with the rising popularity of sports betting and gambling entirely and instead of creating regulations for the gambling sector in Zimbabwe, they are shifting focus only on sports betting winning alone, most of them making such laws don't even know what betting is all about and how hard it is to predict the games, the only time and thing that get the attention of the government is a few winning that comes in form of the jackpot, like last time two guys won sports bets to the tune of 160 millions of my local currency, winning like this can catch the attention of government officials thinking that such winnings are frequent and easily achieve.

bangjoe

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Quote from: freedomgo on January 03, 2025, 07:38:20 AM

Honestly, I don’t get what’s going on in the heads of government leaders when they decide to tax sports betting winnings. I mean, most of us aren’t even winning regularly, and when we do get lucky, they still want a cut? And 10% is no joke, especially for big winnings. Is this their way of discouraging gambling, or are they just trying to squeeze more out of us because they’re not content with the revenue they’re already raking in from income taxes and sportsbook operators? Feels like a double whammy either way!

The tone may know how every country always has a large tariff for gambling activities that is not a strange thing in the ear, this is because gambling is an easy activity and with a large financial circulation as well as a big impact on the community, especially those who have losses, perhaps Here the government takes part of the advantage of development through tax for community infrastructure, actually a lot if we talk about the flow of funds where, but maybe what makes you upset is why it is done for gamblers whose victory is even rare, this is a way for the government can get income from gamblers' activities for the benefit of the country.

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Quote from: stompix on January 03, 2025, 10:27:24 AM

Sorry, but people struggling in poverty should be the last ones to gamble, let's not act like this is something meant to oppress the masses, every Western country has some form of taxation on gambling and everyone here asks for limiting gambling and gambling adds, saying that in Africa gambling is magically good for poor people is just wrong.

Gambling is not good for poor people and can never be a good thing. Taxes on gambling is not a means of oppression for the poor by the lawmakers. However, it is only natural and from experience that where other indicators that could improve the financial well being of these poor people who live on less than a dollar a day are missing, they will turn to gambling a means to generate income for themselves. On this premise, my inference is while taxation on gambling winnings is good, the government and lawmakers should not neglect other key areas for human capital development.

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Quote from: coolcoinz on January 02, 2025, 03:27:33 PM

It depends on whether that 10% is added on top of a normal income tax.

It's tax directly on the winnings, no matter what taxes you pay or how much you have won, winnings are taxed at the source, the bookie.

Quote from: Davidvictorson on January 01, 2025, 11:54:10 PM

Lawmakers are out of touch with what the poor people are suffering in the country.

Sorry, but people struggling in poverty should be the last ones to gamble, let's not act like this is something meant to oppress the masses, every Western country has some form of taxation on gambling and everyone here asks for limiting gambling and gambling adds, saying that in Africa gambling is magically good for poor people is just wrong.
Seriously, I see a tax on gambling wins the last thing the poor should strat protesting against.

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Quote from: Hispo on January 02, 2025, 06:14:32 PM

So I am afraid an important percentage of those Tara being impaled on winning gamblers are going to end up in the pockets of corrupt politicians and corrupt administrators of the central bank of the country.
I wish to be wrong, but all corrupt countries work about the same, sadly including mine where the governments is run by literal crooks.

That's about right, i know i have read in the news about hyperinflation in Zimbabwe and how corrupt and clueless their government is, but i have not spent any of my time digging deeper into it. Like i said, if tax is put to good use, then it is a good thing, but on the backdrop of what you have just said, i believe you are right, the tax will simply find its way into the pockets of politicians, so the gamblers over there have every reason to feel hard done by.

freedomgo

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Honestly, I don’t get what’s going on in the heads of government leaders when they decide to tax sports betting winnings. I mean, most of us aren’t even winning regularly, and when we do get lucky, they still want a cut? And 10% is no joke, especially for big winnings. Is this their way of discouraging gambling, or are they just trying to squeeze more out of us because they’re not content with the revenue they’re already raking in from income taxes and sportsbook operators? Feels like a double whammy either way!

Dr.Bitcoin_Strange

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Quote from: Gozie51 on January 01, 2025, 02:02:43 PM

To me it can be a draw back despite that the sporting events is getting patronage there but it is not like the US where gambling is already taken as investment and the gambling profit tax is about about 20% +

Do you think the gambling population would see it as a fair system or they would evade paying the tax?

More importantly, government introduce tax on gambling profit but they don't have repayment package for wager loses Grin

hehehe

The 10% Tax is really much if we consider the aspect that those gamblers also ends up losing a lot of money if they lose their bet. Since it was just a new law being passed, they would have started with as low as 1-2% but the stated 10% is too much and can make a lot of gamblers to rather focus on crypto online casinos or bookies.

The government don't seem to care about the losses of the bettors, they only want to reap from the lucky winningwinning but what they don't know too is that they will cause lots of these educated gamblers to evade the tax but looking for an alternative.

blockman

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Here in our country, there has been some adjustments with taxation with the gambling industry. It's not directing the winners but the casinos themselves with huge taxation. That's why many operates here as local casinos bu with the online gambling industry, despite being regulated, many of them can't be chased by our government.

Odohu

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Taxing bettors on gross winnings instead of their net winnings is pure exploitation. Instead of this type of approach, they would have taxed every credit received from gambling into their bank accounts, so that it would be that gamblers are being taxed from their net profits which is withdrawals. Maybe the government wants to discourage their citizens from gambling as that is the ontly justification for such harsh taxation.

Hispo

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Quote from: Z-tight on January 02, 2025, 04:10:59 PM

I do not have a problem with taxes, if the government is using taxpayers money right, then that is fine, i am not from Zimbabwe, neither do i live there, so i do not know what the situation of things are there. The government have decided and there is nothing their citizens can do, you can try to evade it, but take note that it is a crime and it is punishable by law, nobody likes to pay taxes, but we have to and it is necessary.

Well,.perhaps you should have some economical and societal contexts about Zimbabwe as a country then. They are economically reckless, some years ago they allowed their currency to spiral into an endless pit of inflation which forced their central back to print banknotes of one trillion Zimbabwe dollars or so, which was enough to buy about a loaf of bread and things alike. They are not fiscally responsible and last time I checked their democratic institutions are weak and their society is pretty much intolerant with the LGBTQ community among their own population, it is basically a backwards country.
So I am afraid an important percentage of those Tara being impaled on winning gamblers are going to end up in the pockets of corrupt politicians and corrupt administrators of the central bank of the country.
I wish to be wrong, but all corrupt countries work about the same, sadly including mine where the governments is run by literal crooks.

Potato Chips

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Quote from: Ultegra134 on January 02, 2025, 07:34:18 AM

I don't know the right word to use for the casinos that function on a national level, those that are allowed by the government, in other words. For instance, in Greece we have Stoiximan, Novibet, and many others. Those have all your personal details and automatically deduct taxes for any earnings you withdraw above €100. I'm not sure what to call them, which is the reason why centralized probably wasn't the right word. For instance, Roobet, Rollbit, Stake, and many other cryptocurrency casinos are blocked in Greece because they supposedly do not have a license and are put on a blacklist. In reality, they don't have any authority over them, thus can't earn money from taxes; they're trying to contain the gambling community to the available "national" options.

Ah, I see. Finding the right term could indeed be difficult.

With my limited vocabulary, the closest term I could think of for gambling platforms you mentioned "on national level" would be fully-regulated local gambling platform/casino 🤔

As for gambling platforms like rollbit, roobet, and similar others. I typically just call them off-shore gambling platforms -- you'll know it if they have licenses from curacao, anjouan, etc.

Lmk what you all think, or perhaps, others have better suggestion/s which I would very much welcome.

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While the idea of taxing gambling earnings is not new, Zimbabwe is jumping on without a plan or scale. "We want a piece of your pie, but we won't help you if the crust burns" is essentially what they're saying. Imagine a booming market that has only just begun to take off, and then it gets hit with a 10% hit to its gross wins? Who is to say that it won't result in deceitful tax avoidance or underreporting? People are cunning; they want to hold on to their money when they can, especially during bad streaks when there's no way to recover. Instead of taking the real risk, why not just go to an offshore site that doesn't pay any taxes to Zimbabwe? They may have managed to outsmart themselves in this situation.

Z-tight

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I do not have a problem with taxes, if the government is using taxpayers money right, then that is fine, i am not from Zimbabwe, neither do i live there, so i do not know what the situation of things are there. The government have decided and there is nothing their citizens can do, you can try to evade it, but take note that it is a crime and it is punishable by law, nobody likes to pay taxes, but we have to and it is necessary.

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Quote

So what do you think about this new tax regime of gambling profit in Zimbabwe!

I do not think it will affect the bettor. Gambler will still gamble even if the government impose high taxes, remember these gamblers are ready to take a risk and even ready to lose the money so I many of them won't mind to pay tax for winning.

Quote

Do you think the gambling population would see it as a fair system or they would evade paying the tax?

Many would evade the taxes if it has to be filed manually but they won't if it is deducted automatically when claiming the pot money. About the fairness of the system, I do not mind since I think it is fine to tax gambling activities as long as the annual profit percentage is positive.

Quote

More importantly, government introduce tax on gambling profit but they don't have repayment package for wager loses Grin

hehehe

Well, we already know that the government love to tax profiting activities even thought the government don't have a repayment package for gambling losses, they have social welfare support that helps the people in need.

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Quote from: AVE5 on January 02, 2025, 11:46:03 AM

Some governments taxes it residence gamblers so as to inflate them to quit gambling or to gambling responsibly if only the gamblers would look up to what they are liable to achieve or loses at the long run of gambling.
Those who profits would either pay the taxes and keep playing while the looser that could not pay the taxes should be inspired to quit since they have been unable to make profits.
But it literally doesn't seem right because obviously the governments are just earning where they didn't invest by taxing hard labouring gamblers.

Well I doubt that the idea is actually trying to condition them into stoping or even gambling responsibly because if that was the target they are lots of policy that they would or could implement that wouldn't require taxing and would still prove to be very effective and efficient. I think it's rather for their own profit purpose because thats what the government always does because taxing people off their gambling habits is something that's crazy of an idea because not everyone gains profit even when gambling and then when you win, you get to pay tax on your wins? It's not cool at all.

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It depends on whether that 10% is added on top of a normal income tax. In many countries gambling is considered income, so if the income tax is 25%, you'll pay that. If Zimbabwe had no gambling tax at all and you had 0% from your gambling wins, 10% is what I call a fair tax, if there can even be a fair one. Especially that I'm used to paying 20% regardless of the source of income.

If that 10% is on top of the normal tax which can be up to 30%, meaning gamblers pay 10% and then income tax, that's pretty abusive.

Topic: Zimbabwe Votes and Backs 10% Tax on Sports Betting Winnings - page 2. (Read 684 times)