Know what taxes you must pay on your casino winnings

admin

The taxes we pay are a contribution to the State, to a social purpose: they must be used for the common good and specifically for the public health system. Traditional casinos and legal online casinos in Colombia participate in this obligation, since, since 1991, the Constitution gave the State the possibility of exploiting the monopoly of income from games of luck and chance. So all casinos and the citizens who participate in them must pay taxes proportional to their winnings.

In this article we will tell you about the discounts that are made to your earnings in the online casino; what should you pay and what should the casino pay; what the money collected from the income required for gambling is used for, and how casinos favor the Colombian economy.

Discounts on my casino winnings

In case you earn more than 48 UVT (Tax Value Unit), you must pay 20%. These discounts are made by the power that the Constitution of 1991 gave to the State to regulate and collect taxes on games of chance and profits. What you pay and what the casino pays is used to improve the public health system.

Information you should know about taxes on casino games in Colombia

It is important that you identify what happens with the taxes you pay or that the online casino in which you participate must pay. Since you know that these become contributions to the health system, you can understand why you should only register in legal casinos, that is, authorized by Coljuegos.

In addition, when you bet with regulated gambling operators, you also ensure that your account and money are safe. All virtual machines, live casino games, sports betting, and customer service procedures and channels are monitored by Coljuegos and must meet minimum standards. If the online casino offers you promotions or welcome bonuses, you must comply with their terms and conditions.

Who must pay taxes?

All game operators of luck and chance in the country must pay a percentage of what they win to the State. These are the values ​​that you and the online or physical casino in which you participate must pay:

Players who obtain more than 48 UVT (Tax Value Unit): 20% of income. Casino games: a minimum wage. Board games: four minimum wages. Various games of chance: 17% of revenue. Slot machines: 45% of revenue.

What is the money used for?

The money that the State collects from gambling and betting operators reaches the local health funds in the municipalities and departments, the Adres system (Administrator of the Resources of the General Social Security System) and the Fonpet (Fund National Pension of Territorial Entities). Also to the Ministry of Science and Technology to help with investigations.

One of the latest Coljuegos press releases ensures that, in January 2023, the collection increased by 27.5% compared to the same period in 2022. So the outlook is optimistic this year. While physical and local casinos contributed $30,615 million to the health system, online casinos contributed $28,803 million.

How do casinos benefit the country’s economy?

Thanks to the 1991 Constitution and Coljuegos, the taxes collected from casinos help the social development of the country and, therefore, also the economy. A Colombia with a better health system can ensure that citizens have access to a dignified life and can also mobilize progress.

The objective of Coljuegos, therefore, is to diversify the portfolio of games of luck and chance to receive more contributions and, in addition, to regulate the industry to protect the bettor. If you want to participate in a casino, be it physical or online, we recommend that you check that it is a legal one. To do this, you can read that there is a current contract with Coljuegos in its terms and conditions or, simply, review the list of authorized operators of the institution. Among other things, this serves to take care of your mental health, since, by law, authorized casinos must have a responsible gambling policy that ensures that users have a healthy relationship with the game or that they seek professional help in case of losing control. .

Rate this news!

0 / 5 Number of votes: 0

Your vote in this news:

Click to rate this post!
[Total: 0 Average: 0]
Next Post

Bargained at BMW - car dealer competitors become agents

The Scanian export success improves the swing with a small electric shock Published: March 29, 2023, 1:57 p.mLaszlo Varga is CEO of DeWiz Golf AB. By offering both vehicles and banking services under the same roof, the Nordics’ second largest bank can lower customers’ costs – and help them become […]
Laszlo Varga is CEO of DeWiz Golf AB.

Subscribe US Now