How is it calculated
Casino game profits are a pleasant experience for many players, but taxation is a crucial issue that needs to be fully understood. Proper understanding of legislation can help players avoid problems with tax authorities and ensure that they comply with their obligations. In this guide, we will analyze everything you need to know about tax profits tax, both in natural casinos and online platforms.
1. Legal Framework for Casino Profit Taxation in Greece
In Greece, the taxation of gambling profits is regulated by the Hellenic Games Committee (HGC) and the Independent Public Revenue Authority (AADE). Profits from casino games, whether natural or online, are subject to specific tax scales, which differ depending on the amount of the amount earned.
The legislation in force provides that:
- Net profit from casino games are taxed according to scaled taxation.
- Taxation is done by the platform itself or the casino before paying the profits to the player.
- Players must declare their profits in their tax returns, especially if they exceed a certain limit.
2. How is the tax calculated in casino profits
In accordance with casinowinners.grtaxation escalates as follows:
- Profits of up to 100 euros: zero tax.
- Earnings of 100 to 500 euros: 15% tax.
- Earnings over 500 euros: 20% tax.
These rates apply to the amount exceeding the limit. For example, if a player earns 700 euros:
- The first 100 euros are not taxed.
- The next 400 euros are taxed at 15%, ie 60 euros tax.
- The remaining 200 euros are taxed at 20%, ie 40 euros tax.
- Overall, the player will pay 100 euros tax and receive 600 euros net.
3. Taxation of profits from online casinos
With the development of online gambling, tax authorities have established online profits rules. Internet platforms licensed by the EUSR are required to withhold and pay the tax before the player is undertaken by the player.
It is important to know that:
- Your online casino transactions are recorded and controlled by the tax authorities.
- The same tax scales apply to online and natural casinos.
- Depending on the country of origin of the platform, there may be different tax liabilities.
4. Submitting tax return for casino profits
; As the taxheaven.gr “Most casinos withhold the tax before paying profits, players are still obliged to declare their earnings in the annual tax return.”
What do you need to do:
- Include your net profits in the tax return in the corresponding gambling revenue field.
- Keep evidence of your earnings (receipts of payments, deposits and withdrawals).
- In case of checking by the tax office, be ready to provide the necessary documents.
5. Profit Management and Tax Advice
To avoid potential tax problems, it is important to follow some basic tips:
- Keep files: Record all your transactions and maintain evidence of your profits and deposits.
- Consult an accountant: A specialist can guide you on the correct statement of your earnings.
- Find out about changes in legislation: Tax legislation may change, so it is important to be aware of the new arrangements.
- Avoid illegal platforms: Undelected casinos may not comply with tax liabilities, with the risk of causing legal problems for players.
6. Conclusion
Taxing profits from casino games is a process that requires attention and compliance with laws. Players need to know the tax rates, declare their profits correctly and keep records for all their transactions. By following the instructions above, they can enjoy their victories without the stress of possible tax problems.
For more information, you can visit the AADE website or consult an accountant for specialized guidance.
