Friday, March 07, 2008
TAX billions from web gambling laws
US to make billions from web gambling laws - vnunet.com
The Internet Gambling Regulation and Tax Enforcement Act 2008 would ensure that taxes are collected on regulated internet gambling activities, strengthening the provisions of an earlier version of the bill introduced last year.
The legislation also includes an enhanced reporting mechanism under which licensed gambling operators are required to provide each customer with an annual statement of winnings and losses.
It also establishes a two per cent licensing fee paid by the operator, and not the individual gambler.
The fee is designed to equalise the costs of operation in providing gambling services online, as opposed to bricks-and-mortar casinos providing gambling services in-person, and would be applied only to online operators.
The Internet Gambling Regulation and Tax Enforcement Act 2008 would ensure that taxes are collected on regulated internet gambling activities, strengthening the provisions of an earlier version of the bill introduced last year.
The legislation also includes an enhanced reporting mechanism under which licensed gambling operators are required to provide each customer with an annual statement of winnings and losses.
It also establishes a two per cent licensing fee paid by the operator, and not the individual gambler.
The fee is designed to equalise the costs of operation in providing gambling services online, as opposed to bricks-and-mortar casinos providing gambling services in-person, and would be applied only to online operators.
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