Taxes on Casino Winnings: How Much Should You Pay?
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Gambling has always been considered a moral issue. Even if the victory is an accident, the citizen is obliged to pay a percentage of the amount to the state.
Residents and non-citizens are obliged to pay taxes from income received in tangible or intangible form. Online casinos are not obliged by law to collect the same amount twice. The user agreement of the website gives information about who should pay the taxes. The winner is obliged, however, to independently transfer to the budget a percentage of money received.
You cannot pay the fiscal charge twice on the same win. The organizer of gambling must transfer the required amount to the budget. Land-based casinos and lottery operators are usually tax agents. Online casinos for real money are not.
There is no single world rule regarding the tax on casino winnings. Depending on the jurisdiction, income tax is applied on a general basis and in some countries there is even an increased or progressive tax.
Monaco's casinos are completely exempt from income tax. The main source of the country's profit is fiscal revenues from casinos.
The US authorities take a progressive approach to casino taxes. The state will pay 25% of the winnings, but depending on the amount and the federal tax rate, the percentage can reach 35-40%.
In Canada, an individual's income from gambling is completely tax-free. Professional poker players moved from the United States to Canada after the law was passed.
After winning in Macau, the player can open an account and exchange his own money for chips and back. Formally, there is no base for taxation and the visitor does not have to pay the local budget.
