Tax on Revenues to Help Cover Budget Needs
July 30th, 2010Author: Carmine Dutrow
After severe criticism, the Cyprian government has slowed down on attempts to block online casinos. However, there are reports saying that the government has announced a new tax program requiring all Cyprian gamblers to pay higher taxes on their winnings.
No doubt the Cyprian government has found a perfect way to collect more money for the country’s budget. According to the new policies, a Cyprian gambler who has won money gambling online will have to claim these winnings on their personal taxes as a source of income. Previously, online casinos paid out winnings without reporting winners to the government. Now, it is clear, that the winners who have not registered their winnings will face numerous fines and penalties.
