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.
Topic: Zimbabwe Votes and Backs 10% Tax on Sports Betting Winnings - page 6. (Read 918 times)
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...
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...
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.
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.
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.
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.
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.
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.
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.
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.
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?
More importantly, government introduce tax on gambling profit but they don't have repayment package for wager loses
hehehe
https://www.gamblingnews.com/news/zimbabwe-votes-and-backs-10-tax-on-sports-betting-winnings/
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
hehehehttps://www.gamblingnews.com/news/zimbabwe-votes-and-backs-10-tax-on-sports-betting-winnings/
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