Spain Clarifies Its Online Gambling Taxation Laws

The Spanish government has updated its taxation code this week clarifying the situation of online gambling taxes in the country. The new tax code states that players are able to deduct losses from their online gambling winnings when completing their annual tax statements.

This summer Spain has adopted a new law that regulates online gambling and online poker in the country. The law will require players to pay taxes on online gambling winnings. However, what the law does not state is if players will have to pay taxes on gross winnings or just income.

Due to this confusion many players stayed away from online gambling or decided to play at unregulated operators in order to avid having to pay taxes on all winnings cashed in despite the fact that overall they might have finished the year in a loss.

This week the Spanish government rectified this confusion and updated its tax code stating that losses can be deduced from online gambling winnings meaning that taxes will only have to be paid on pure income not gross revenue.

The new tax code adopted in the country will be valid retroactively meaning that players won't have to pay taxes on revenue generated after June this year when the country's online gambling law has been adopted. This event is good news for online gamblers that until now refrained from playing due to the fear of large taxes.

Poker players will be the ones who will benefit the most from the rectified tax code. Up until this moment online poker players would have been forced to pay high taxes on any winning originating from poker without having the possibility to deduct tournament fees or rake.

It's expected that this decision will boost the Spanish online gambling and online poker market. After the adoption of the new online gambling law, many Spanish players have decided to stop playing due to the fact that Spanish licensed online poker rooms were forced to separate their Spanish players from international players.

Tags: Spain, Spanish Online Gambling Legislation, Spanish Online Gambling Tax, European Online Gambling Legislation, Europe

Source: http://www.onlinecasinoadvice.com/news/spain-clarifies-its-online-gambling-taxation-laws/

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