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% +
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?
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I personally think that taxing gambling profit, whether it's 10% or 20%, is wrong. It's unfair because no one one gives us anything back when we lose. So, if I've lost $100 to sports betting and then won $100 I should pay a tax? It's absurd, because my "profit" is actually zero. Should they tax my winnings if during a year I've earned $1,000 through sports betting is a different question totally. I don't know. But what I know is that taxing every win is nonsense.