Gambling, the act of placing a bet of money on the outcome of an event that you cannot fully predict in https://halalinthefamily.tv , it’s become a large part out our society. With millions of people engaging in various forms of betting from poker, to horses, to simple lotteries, it’s a mainstay in our communities one and all. But what happens if you win big, or even win a little, do you have to cough a little bit of that up to the government? It’s a bit complicated so let’s get into it.
Taxation of gambling goes as far back as gambling itself. The exact time for each country varies greatly as there some that do not tax at all, where as there are some, like Germany with the highest gambling tax available, which charges their casinos 90% of their gross gaming revenue. You heard me right, 90% and they charge the casino, not the player; this is the case for quite a few countries.
More often than not, the countries that permit gambling do not tax the players. There are a few exceptions however, like the U.S., where the player must pay a wagering tax. The U.S’ gambling tax is not progressive like its income tax and the winnings must be declared on the tax return each year.
“What if I am a professional gambler?” you may ask. Well by that, it is to assume that you are a person who uses gambling as their main source of income? Then the answer is still usually no. Take the UK for instance; this rule is backed up by the HMRC (Her Majesties Revenue and Customs) Business Manual in that gambling does not constitute trading. Therefore, gambling winnings remain tax free.
This is not to say that professional gamblers can never be taxed, it really is complicated. You need to consult with the Revenues department of your local government to be absolutely sure about the fine details on your area.
No Gambling Tax
The following is a list of countries that have no tax on the winnings from your gambling adventures, so if you’re going to win, I’d suggest doing it here.
- Czech Republic
No Online Gambling Tax
As with offline gambling, this list is of the following countries that require absolutely no tax on your online winnings.
Generally speaking, it isn’t likely that you can be taxed for gambling winnings wherever you live and that fact isn’t likely to change. However, as I previously stated, it would be a good measure to take it up with your local authority should you plan on making it your living.
Best of luck.