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SPANISH GOVERNMENT CLARIFIES TAX DEMAND ON INTERNET GAMBLERS
06th April, 2013 at 02:28:23
Online gambling losses cannot be set off against income tax.
The Spanish government has gone some way to clarifying the confusing issue of taxation on online gamblers, and whether they are allowed to claim relief for losses incurred whilst gambling over the internet.
The short answer is that they are not. The finance ministry's latest communique advises that online gambling losses cannot be set off against income tax.
Losses accrued through online gambling can only be used to lower capital gains derived from online gambling activities, the ministry says, pointing to provisions which permit the discount of gambling losses from winnings in the same taxable period, which effectively reduces net capital gain.
Since the beginning of 2013 lottery and betting winnings in excess of Euro 2,500 are subject to a 20% tax rate.
Related News Tags: Spain, Lotteries
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