General Betting
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Does anyone know the followings?
Do we need to pay tax after our winnings on Betfair? If yes, is it possible to decrease the taxation base with losses.
Where should I pay taxes? In my country (Hungary) I can't cut taxation base with losses. This means if you win €100 with €1000 wins and €900 losses, then you should pay ~16% after €1000. In other words, I should pay ~€160 tax, after €100 profits.
So the question is where should I pay taxes, and how (should I live there ...). There are lows against dual taxation, that is why I am ask it.
thanks in advance
Do we need to pay tax after our winnings on Betfair? If yes, is it possible to decrease the taxation base with losses.
Where should I pay taxes? In my country (Hungary) I can't cut taxation base with losses. This means if you win €100 with €1000 wins and €900 losses, then you should pay ~16% after €1000. In other words, I should pay ~€160 tax, after €100 profits.
So the question is where should I pay taxes, and how (should I live there ...). There are lows against dual taxation, that is why I am ask it.
thanks in advance
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Think you will have to leave Hungary if you want to gamble..... You could try to find a hungarian poker forum and see what they do, as poker players would end up owing millions under the system you describe.
Makes you wonder if the taxman ever even bothers to try and collect on ridiculous tax laws like this, where if they cant deduct at source the regular player ends up owing many multiples of their actual final profit (if any).
That story last year of Viktor Blom owing a theoretical $150m to the Swedish taxman for his play on Full Tilt despite losing $2.5m on the site probably the best example of the absurdity of it.
That story last year of Viktor Blom owing a theoretical $150m to the Swedish taxman for his play on Full Tilt despite losing $2.5m on the site probably the best example of the absurdity of it.
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