Topic: Zimbabwe Votes and Backs 10% Tax on Sports Betting Winnings - page 4. (Read 918 times)
I don't know if the vote made was in their own favour or that of the gamblers, because from what we heard, they are only going ot take a 1o percentage of tax on every winning bets in sports, but what if the gamblers are not winning but gambling more often, secondly, are the gambling platforms going to be subjected to remitting the payment on his to the government only on those winning and the government are going to take charge by themselves, because it is not easy to have an accurate numbers of gamblers betting and those winning their bets.
Zimbabwe has now joined the league of countries trying to make money on gambling through taxing winners. The government has made the tax regime to help support in the budget for the country. Just like countries like US, Germany etc, they have decided to tax on winning/profit and not operation without considering that gambling population is still growing which can be a discouragement.
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% +
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% +
Some African countries aren't smart when it comes to decision and where to tax their citizens, they don't hesitate to do it fast, as long as it generates money, they are in for it 100%. I don't think in the whole Africa there is any country that gamble like Nigerians especially the sport betting and this is as a result of lack of jobs and the jobs around salaries aren't sufficient, this is why we have plenty of gamblers but the government is been careful about gambling tax.
You can't just wake up and says you want to tax everything when you are not providing the basic resources . It was the same Zimbabwe that was fighting hyper inflation with their currency littered on the streets some years ago and yet this is where they are going. I wish the gamblers successful winning in their gambling journey but I know that after this news, many people wouldn't use the national gambling platforms again, they will resort to platforms where governments can keep tract of their gambling activities.
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.
If the tax is imposed, only the government will benefit, which may increase the pressure on ordinary gamblers. On the one hand, the uncertainty of winning and on the other hand, paying taxes to the government from the profits will discourage them to some extent. As a result of the imposition of taxes, many gamblers will try to gamble on such platforms that governments cannot tax them. As a result, the negative impact of gambling will spread. If the public of Zimbabwe wants to impose taxes according to their wishes, that is their own business. If governments around the world have such policies regarding gambling, most of the public will want to oppose it. 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.
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.
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.
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They have put the taxes in the same way as they were implemented in Spain on 1 July 2012, if I remember correctly. By 2013 they had already had to change it. As it was a tax on the gross amount, many people were left with debts despite having losses or little profit.
I translate the headline of a news item on the subject:
Tax authorities go after gamblers: round of fines for online gamblers even if they lose money
They have put the taxes in the same way as they were implemented in Spain on 1 July 2012, if I remember correctly. By 2013 they had already had to change it. As it was a tax on the gross amount, many people were left with debts despite having losses or little profit.
I translate the headline of a news item on the subject:
Tax authorities go after gamblers: round of fines for online gamblers even if they lose money
Taxes cannot be avoided, maybe this is unfair to gamblers, it seems they are very cunning, where the government does not want to know how many losses we have received before winning, the government only thinks about winning, hoping that taxes like this will be reviewed so that they do not burden the existing community.
So what do you think about this new tax regime of gambling profit in Zimbabwe!
Do you think the gambling population would see it as a fair system or they would evade paying the tax?
It is actually frowning to learn that governments taxes gamblers on each winning and does not care how much they loses before being lucky to secure a win. It really annoys most as the governments does benefits from the taxations on gambling but could not create regulations that would intercede for bettors when they are being outshined by the gambling sites.Do you think the gambling population would see it as a fair system or they would evade paying the tax?
I think this new development of Zimbabwe could be instigated as a result of the country was reportedly having to increase their economy revenue to 8.5% that is being cumulate by the rate of gambling but to me, it is not enough reason to this tax development because Zimbabwe economy rate is not so standard enough yet to delegate gamblers on taxes
One thing I realized after the new cockpit was built near our place. Gamblers will still keep on gambling even if the government puts a tax on it. Yeah, I heard the cries of the patrons of the cockpit and yet they still kept on going back there even if they knew how much money was getting away from the tax that was input by the government to the winners too. Yeah, same as Zimbabwe.
But they might also want to put some tax on the platform itself because they will make profits out of the losses of the gamblers and they must share some of that with the government.
Now, if this goes successfully, they could implement new rules like tax returns, especially for gamblers who are betting high amounts and those who gamble almost every day.
But they might also want to put some tax on the platform itself because they will make profits out of the losses of the gamblers and they must share some of that with the government.
Now, if this goes successfully, they could implement new rules like tax returns, especially for gamblers who are betting high amounts and those who gamble almost every day.
Zimbabwe has now joined the league of countries trying to make money on gambling through taxing winners. The government has made the tax regime to help support in the budget for the country. Just like countries like US, Germany etc, they have decided to tax on winning/profit and not operation without considering that gambling population is still growing which can be a discouragement.
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% +
So what do you think about this new tax regime of gambling profit in Zimbabwe!
Do you think the gambling population would see it as a fair system or they would evade paying the tax?
~
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% +
Quote
A new tax will make sports bettor in Zimbabwe feel a little underwhelmed when they see their net winnings. Even worse, the proposed and now enforced 10% tax which is taking effect on January 1, 2025, will be calculated on players’ gross winnings every time they get a wager right.
So what do you think about this new tax regime of gambling profit in Zimbabwe!
Do you think the gambling population would see it as a fair system or they would evade paying the tax?
~
I personally think that taxing gambling profit, whether it's 10% or 20%, is wrong. It's unfair because no one one gives us anything back when we lose. So, if I've lost $100 to sports betting and then won $100 I should pay a tax? It's absurd, because my "profit" is actually zero. Should they tax my winnings if during a year I've earned $1,000 through sports betting is a different question totally. I don't know. But what I know is that taxing every win is nonsense.
Most cryptocurrency casinos are centralized too actually—there's a central authority. But as you said, they're under the radar and most of them are off-shore business hence there's a good chance a lot will be non-paying operators—from the sources, operators would be tasked to collect taxes.
TBH, I wouldn't blame players if they decided to go to a alternatives lol. Zimbabwe appears to want to make use of the money to fund their sports sector as well e.g. support players, build infrastructures, etc. which I think is a great idea but they should at least made friendly terms..
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. TBH, I wouldn't blame players if they decided to go to a alternatives lol. Zimbabwe appears to want to make use of the money to fund their sports sector as well e.g. support players, build infrastructures, etc. which I think is a great idea but they should at least made friendly terms..
If the government imposes a tax on gambling winnings from gamblers, it is definitely a negative aspect. If gamblers have to pay 20 percent tax on their winnings, then it is definitely a negative aspect for that gambler. If the government had taken some measures like managing the loan service on the rate where the tax is imposed on winnings, then I think it would have been able to bring some relief to gamblers. A gambler may have a big loss behind a big win, but if the government takes 20% of that big win, then the gambler is not in profit. I think if a tax is imposed, it should not be more than 5%. Moreover, the tax should not be imposed on gamblers but on gambling platforms so that they can get regular revenue.
From the article it's obvious the Zimbabwean government is only scouting for a avenue through which they can prop up revenue to support their budget expenditure since Zimbabwe is one country in Africa that seems to be struggling economically with a debased currency as a result of bad policies.
With a critical look on the proposed tax on sports bet winnings, the approach by the country's finance minister obviously indicates that they only care more on what they can profit from this move with less or no concerns about the impact of gambling on its citizens.
With a critical look on the proposed tax on sports bet winnings, the approach by the country's finance minister obviously indicates that they only care more on what they can profit from this move with less or no concerns about the impact of gambling on its citizens.
Do you think the gambling population would see it as a fair system or they would evade paying the tax?
Nop, I don't think this initiative by the government will be anything that the gambling population is going to embrace with both arms but truthfully there's nothing they can do about it, except that they have to quit gambling due to this but it not possible either that they will all quit. About evading the gambling tax, if there's a way on that, then many won't hesitate to. 
African countries are waking up to tax regimes and various countries around the continent are making various tax reforms that focus more on virtual and online activities which gambling is part of such activities, while some countries like Nigeria focus more on taking taxes from the winnings and licensing fees
tax that are just centered at extorting money from any known is is definitely not to the best interest of the people. When you tax on wins and don't consider that it takes a lot of losses before you can get a win, it becomes really selfish to some extent. It's best that casino and sports betting platforms be taxed since for the most part, they are the ones that are on a higher winning side,.taxing 10% or above on normal gamblers who aren't even doing the gambling as a job but only does it for fun while getting to win some few funds doesn't make much sense.Generating income and revenue by taxing different sectors is good but failure to make use of the generated revenue for the right cause is something that makes the process uninteresting.
It is final tax? like if someone earn $10, they need to pay $1 and if they earn $1,000, they need to pay $100.
Unlike income tax where if someone earn $10, they high likely not pay any tax, while if they earn $1,000, they might need to pay $200, depends on the tax bracket.
The government is clever to tax 10% on sports betting winnings because they will get tax from small bettors, as we know there are many small gamblers, so the government will earn a lot by tax all the gambling winnings.
Unlike income tax where if someone earn $10, they high likely not pay any tax, while if they earn $1,000, they might need to pay $200, depends on the tax bracket.
The government is clever to tax 10% on sports betting winnings because they will get tax from small bettors, as we know there are many small gamblers, so the government will earn a lot by tax all the gambling winnings.
It's much worse than that, they want to tax every bet you make, so you may find you've won $1K and they claim $10K in taxes.
The only way you will pay $100 on $1K won is if that $1K is won on a single bet. If you have placed many bets, where you first won $2K, then lost $500, then won $800 and then lost $1.3K, net you will have won $1K but from the four bets you will owe $280. The more bets you place to get that $1K the more you will owe the IRS.
Governments are looking for ways to generate income and they will explore any means to take from gains, but they will not consider loses. Gambling is designed for the gamblers to lose more than wins and taking part of the wins from them without considering the probabilities that they must've lost more than what they're winning is not really fair. But there's nothing that the gamblers and the gambling sites can do about it, they have to comply with the government regulations whether it flavors them or not. Poor countries should reduce the tax burdens on their citizens because most of them are poor.
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The gambling population will see this for two things. One side will think that is a fair system and they want to pay the tax but in the other side, many of them will evade paying the tax. This is already happen in many countries which is agree and disagree with the tax. That will be worst if the government officials corrupt that tax money and will not use that for their countries so that is normal if those people act like that. They don't want to see the tax will not be used to grow their economy but will be used for the corrupt officials.
It is final tax? like if someone earn $10, they need to pay $1 and if they earn $1,000, they need to pay $100.
Unlike income tax where if someone earn $10, they high likely not pay any tax, while if they earn $1,000, they might need to pay $200, depends on the tax bracket.
The government is clever to tax 10% on sports betting winnings because they will get tax from small bettors, as we know there are many small gamblers, so the government will earn a lot by tax all the gambling winnings.
Unlike income tax where if someone earn $10, they high likely not pay any tax, while if they earn $1,000, they might need to pay $200, depends on the tax bracket.
The government is clever to tax 10% on sports betting winnings because they will get tax from small bettors, as we know there are many small gamblers, so the government will earn a lot by tax all the gambling winnings.
More importantly, government introduce tax on gambling profit but they don't have repayment package for wager loses 
hehehe
heheheThis is the main reason why many gamblers and traders hate to pay the taxes. In my country, there is a strict rule to pay 30% of the withdrawals as tax. No matter if you win or lose, if you made withdrawals at any exchange to your bank account, you are forced to pay the taxes. For this reason many gamblers and traders are using decentralized exchanges to cash out their money. If the tax was limited to 3-5%, then everyone would have shown support to pay the taxes, but anything above 10% is too much.
It won't be fair on sports bettors of course because they might have had at least 10 losses before a win and now they have to take out 10% of the winning as taxes but when they lost the government or anybody didn't compensate them.
Isn't this already happening lot, some countries impose winning taxes on gamblers and there are lot of responses of dissatisfaction with tax provisions like this but until now everything is still running and there are also some gamblers who deliberately avoid.
Personally, if I lived there, I would definitely avoid winning taxes more because it is not comparable because the losses are much greater than the amount of winnings that can only be obtained occasionally in several betting sessions, if you think about state income then it will be very useful but if you talk about fair or not, it is clearly not fair policy.
Personally, if I lived there, I would definitely avoid winning taxes more because it is not comparable because the losses are much greater than the amount of winnings that can only be obtained occasionally in several betting sessions, if you think about state income then it will be very useful but if you talk about fair or not, it is clearly not fair policy.
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