Zimbabwe Votes and Backs 10% Tax on Sports Betting Winnings - page 5.

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Quote from: batang_bitcoin on January 01, 2025, 04:48:28 PM

There is really huge money coming in with gambling and that's why aside from the operators, they have to tax the winnings of the gamblers. That's fine, it is also found and happening in almost every country that do gamble and there's an automatic slash of tax from the proceeds that the gambling winners get. But there should be a clause that there should be minimum amount and the maximum amount and so, some incentives that if a winner has paid so much, there should be a tax cut.

Gambling is indeed a lucrative business, so if the owners know how to manage such business, they won't go bankrupt easily. It may need some good amount of bankroll, but if the operation will continue, they can really get good money out of it. So even if they will pay for taxes, winnings or not, they can still continue their business. So taxing such winnings will just give them more income.

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Quote from: Gozie51 on January 01, 2025, 03:58:32 PM

That's the point. It doesn't look like a fair system for all categories of gambling outcome, whether win or not, I think it should have to be uniform. You have some winning that is taxed on, that may not cause any uproar or anger but why must it be on winning.

There is also another form of taxing that they would have introduced to on the gambling population and that is operating taxing which means the casinos are those needed to be taxed as they are running it as investment and business.

Yeah to think the losses fund in gambling can be way more than the winning gains. How they even set to know the limit or boundaries within? Does it mean they gain access to gambling site data for that? If that so use the info to quantify a user's losses too to consider before doing a taxation on a gamblers winning case.

batang_bitcoin

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There is really huge money coming in with gambling and that's why aside from the operators, they have to tax the winnings of the gamblers. That's fine, it is also found and happening in almost every country that do gamble and there's an automatic slash of tax from the proceeds that the gambling winners get. But there should be a clause that there should be minimum amount and the maximum amount and so, some incentives that if a winner has paid so much, there should be a tax cut.

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Quote from: Porfirii on January 01, 2025, 02:11:41 PM

In Spain we have to pay from 19% (if you win small money) to 47% (for winnings from 300k), but because you do it annually, if you won 10k and lost 9k through that year, for example, you only have to pay the taxes for the difference of 1k.

That seems fair, very fair even. Having to put both ends of the results into consideration and only having to apply at the end of the year.
My question for thought is,
What becomes the case if this money is no longer available. I mean in instances where the gambler might not have to lose this money in some other gambling activities but happens to have used it in sorting out some everyday expenses. Does it count for a minus and waits on you or there are measures the government put in place to check this.

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Quote from: Porfirii on January 01, 2025, 02:11:41 PM

Won't they be able to deduct the losses in the year? from your quote, it can be interpreted that they will have to pay regardless the annual result, which is not fair.

In Spain we have to pay from 19% (if you win small money) to 47% (for winnings from 300k), but because you do it annually, if you won 10k and lost 9k through that year, for example, you only have to pay the taxes for the difference of 1k.

Well I suppose thats the correct way of settling a tax liability although I am not
a fan of paying taxes, I have paid my share over the years. Luckily here proceeds
from gambling are tax free ^{for the moment}

I'm also a little worried that its only a matter of time before either or both taxes
will be more wide spread or percentages increased.

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?

I doubt there are many who would want to pay taxes on Gambling profits

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

~

Sounds like a good system to me. I mean it's probably either this or bans in most cases. And I've always said, trying to control it instead of banning it is 100% better since you can keep your eyes on where it actually is, unlike when its trying to hide because of the ban. This also might dissuade gamblers from actually gambling? Might is the keyword though. I'd like them to add a few say minimum requirements to it I guess? For example, only after a certain amount is wagered or a specific bet won exceeds a set amount. Maybe even tally in losses as part of it?

As for what a gambler would think about it, well anything that gets a cut from their winnings definitely doesn't look fair.

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

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

This is government we are talking about, all they can do is to tax any centralized institution as well as the people in as much as they are falling under their regulations, they are not after the affordability of the people involved, but they want to always have an additional source to revenue generation, once it has been enacted, then the people have no choice than to embrace what their government are putting down for them regarding gambling.

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?

As a matter of fact, some will pay, some will evade it as well, we are going to have a mixed reaction towards this, and there is nothing the government can do to help the situation out since they are the major cause of it than to accept it the way it comes.

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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?

I guess it would like those that are winning more than losing. Like if you have $200 losses and later won $100, no tax because you still have $100 loss. Even you will still need to recover the remaining $100 before you can pay the tax. This is how gambling tax has been. Or is it not like that? Most people will not be paying unless they won huge amount of money.

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Quote from: cryptoaddictchie on January 01, 2025, 02:38:43 PM

I think thats not good to tax on gambling especially in crypto. Theres also losses in the process and not just win. Imagine they would tax you if you win so high but the losses incurred during the process is negligible. Who would love that? For sure every users in this country is against it and likely not to support. But if the law has been passed then they doesnt have much choice. But gamblers will always be gamblers probably will not stop even with an ammo like this.

That's the point. It doesn't look like a fair system for all categories of gambling outcome, whether win or not, I think it should have to be uniform. You have some winning that is taxed on, that may not cause any uproar or anger but why must it be on winning.

There is also another form of taxing that they would have introduced to on the gambling population and that is operating taxing which means the casinos are those needed to be taxed as they are running it as investment and business.

Quote from: acroman08 on January 01, 2025, 02:43:41 PM

I mean reading this part of the article I feel like it implies that they will tax winnings no matter how small it is.

I think they are serious about this and they are planning on initiating profit from it to finance budget. I don't think this is right for gamblers in the country because they are not as populous to other countries and they are already taxed 10%.
.

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In as much as it will not be excited development from gamblers on Zimbabwe but definitely it will not be a setback in terms of gambling patronage because the nature of people is that so long as they no that something can come out of it even if losing is also there they will be willing to patronize, so actually unless the people from Zimbabwe does not like gambling will they read meaning to the development if not it will not matter to them but however there government should have also consider if they wager and loss what will be their reward, though 10% is huge from calculation because if a gambler wins $5,000 they will have to pay the government a tax of $500 and is not much fair because of previous wager losses.

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it's kind of similar in the Philippines but the difference is that they only put gambling tax winnings that are above Ten Thousand Philippine pesos, if it is lower than Ten Thousand they will not tax it, so I guess the Philippines are more lax with their gambling tax than this proposed gambling tax from Zimbabwe.

Quote

The 10% proposed by Ncube will be charged on all winnings, meaning that you could as easily pay a 10% tax on your $5 wager as you are likely to pay on $2,000.

it's a bit excessive I think, I mean reading this part of the article I feel like it implies that they will tax winnings no matter how small it is.

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I think thats not good to tax on gambling especially in crypto. Theres also losses in the process and not just win. Imagine they would tax you if you win so high but the losses incurred during the process is negligible. Who would love that? For sure every users in this country is against it and likely not to support. But if the law has been passed then they doesnt have much choice. But gamblers will always be gamblers probably will not stop even with an ammo like this.

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I have nothing against taxes when you win as most countries implement that, even in US they have taxes of 15% for you if you are mining and when you withdraw money from this mining and you are in profit but what I don't understand is why the governments always taxes us for our winnings and they have never passed a law for example to give us back 10% of all of our lost money in the gambling, it should be a 2 way relationship yet this seems never to happen with any government and I think the same can be said about a poor country like Zimbabwe and in fact this rule is very difficult to implement in cryptocurrency casinos. The end user can always say that I did some job for some one as long as he withdraws to his crypto wallet and from them to some exchange which will send the end user money to his debit/credit card.

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I don't think this will discourage gambling. Like you said the US tax more on gambling, yet that has not discouraged people from gambling. I don't also think the government's aim of imposing the taxes is to reduce gambling, I believe they just want a new revenue stream since they can see the amount of profit in the gambling sector. I believe they will even want more people to play and win because the more the winners the more money they'll get.
I don't think there's any gambler who will decide not to bet simply because the government will tax him.

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.

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I don't like these taxation because there is no any update for players or gambling site.
Meanwhile these are ways the nations use for collecting money and paying services for people in the country.

Taxation and gambling are two "hard" arguments that have many issues hidden. I think that it is not easy at all have an idea on how to manage these taxation.
In my country (Italy) they tax win in some cases (it depends on amount).

I just hope this is something helpful for Zimbabwe people...

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This is becoming ridiculous honestly, when gamblers lose will they also give them 10% of their losses? It would have been better for them to even ban gambling in those countries than making things become worst for gamblers. Gamblers are already going through a lot because before some people will record winnings, they must have lost a lot of money which their winning amount may not even cover up the one they have lost already so why imposing such tax on them again to make the situation become more difficult. Can't the tax they are collecting from casino owners and those running other gambling sites in the country be enough for them. The way some governments are even going about this taxation is really very awful.

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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.

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This is actually insane that they would go with the gross winnings; that means they’ll be collecting more money on tax than they would if they had taxed the “net profit” instead.

If the aim of the government is to discourage gambling then it’s safe to say that they have done a pretty shitty job, because gamblers will just look for alternatives would enable them bypass this tax.

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?

Even if it’s isn’t fair; the only thing that I think will happen is either “the population will get used to it and continue” or “look for a way to bypass paying tax for all their wins” no one wants a system that takes from their money each time they win whether the system is fair or not.

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Won't they be able to deduct the losses in the year? from your quote, it can be interpreted that they will have to pay regardless the annual result, which is not fair.

In Spain we have to pay from 19% (if you win small money) to 47% (for winnings from 300k), but because you do it annually, if you won 10k and lost 9k through that year, for example, you only have to pay the taxes for the difference of 1k.

Gozie51

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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% +

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?

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

hehehe

https://www.gamblingnews.com/news/zimbabwe-votes-and-backs-10-tax-on-sports-betting-winnings/

Topic: Zimbabwe Votes and Backs 10% Tax on Sports Betting Winnings - page 5. (Read 805 times)