Withdraw and Tax

  • 20 replies
    • Yoghi
      Yoghi
      Black
      Joined: 10.09.2007 Posts: 14,387
      I don't know where you win, but

      HIGH FIVE NO TAX IN UK
    • GraemeDR
      GraemeDR
      Bronze
      Joined: 19.01.2011 Posts: 156
      Being English, I don't pay tax on any winnings, so I've no idea how it works when you do get mugged. Sorry.
    • conall88
      conall88
      Bronze
      Joined: 02.01.2009 Posts: 1,715
      I know, yay for UK.
    • lolsplitpot
      lolsplitpot
      Bronze
      Joined: 29.07.2010 Posts: 44
      Nope, u don't have to pay any taxes. Moneybookers is company which does not belong to LV, so any incomings you receive is taxfree.


      So, I guess now I have to say - Yey for Latvia in this situation :D
    • Didrihson
      Didrihson
      Bronze
      Joined: 17.01.2011 Posts: 33
      very well.. Thanks all for replays
    • SilverSag
      SilverSag
      Bronze
      Joined: 11.07.2010 Posts: 512
      Originally posted by lolsplitpot
      Nope, u don't have to pay any taxes. Moneybookers is company which does not belong to LV, so any incomings you receive is taxfree.


      So, I guess now I have to say - Yey for Latvia in this situation :D
      I do not know for sure, but I have suspicion that you are not right. It does not matter where company belongs to, you have to pay taxes.

      Moneybookers has nothing to do with this at all. It is just a company for cash transfer.

      It only depends if you tax them as winnings or earnings. For example, when I worked on cruise ships, I did not pay tax, but I should pay tax when I bring money home.

      The fact that nobody will trace you, nobody cares (unless you earn millions and flash your properties all over Privātā Dzīve) and it is very difficult to trace you... thats altogether different matter :f_biggrin: :f_biggrin: :f_biggrin:

      But in the end - I don't know what law and in which way, but you should pay taxes. I am 100% sure about that.

      btw, I am very surprised about UK. You dont have to pay taxes on poker winnings here?
    • lolsplitpot
      lolsplitpot
      Bronze
      Joined: 29.07.2010 Posts: 44
      Originally posted by SilverSag
      I received money from MB couple of times (~100$) and I have no problems with taxes. I don't know what would be with 1k but I'm sure that it would be the same :)
    • fruktpuff
      fruktpuff
      Bronze
      Joined: 24.09.2010 Posts: 3,982
      IIrc, there's always the possibility (for a charge, of course) to get a mastercard from Moneybookers.

      This would in theory make the money you use untraceable by the latvian government and they can't confirm where or how you get or spend the money.

      I suppose this is more relevant when talking about thousands a month.
    • ZeMammuth
      ZeMammuth
      Bronze
      Joined: 08.11.2008 Posts: 704
      lol in uk u get taxed very very heavily for pretty much every single thing [EXEPT POKER]
    • Zemnieks11
      Zemnieks11
      Bronze
      Joined: 23.07.2009 Posts: 567
      Originally posted by fruktpuff
      IIrc, there's always the possibility (for a charge, of course) to get a mastercard from Moneybookers.

      This would in theory make the money you use untraceable by the latvian government and they can't confirm where or how you get or spend the money.

      I suppose this is more relevant when talking about thousands a month.
      Is there some major difference in Mastercard and VISA? I am intrested cos i have VISA but anyway i think if you make all the withdrawals trough moneybookers its very hard to track you since it can be money from friend or anyone.
    • Yoghi
      Yoghi
      Black
      Joined: 10.09.2007 Posts: 14,387
      Originally posted by ZeMammuth
      lol in uk u get taxed very very heavily for pretty much every single thing [EXEPT POKER]
      Gotta love the UK
    • sufix645
      sufix645
      Bronze
      Joined: 20.09.2009 Posts: 519
      I guess I should go and make bank account in UK :P
    • Darkzzz
      Darkzzz
      Black
      Joined: 28.06.2009 Posts: 184
      Does anyone know how this works in holland? I haven't had to pay taxes yet and withdrew like a few K
    • viewer88
      viewer88
      Bronze
      Joined: 19.04.2008 Posts: 5,545
      I'm not sure if you have to pay tax in belgium.. if you don't start making large withdrawels you just stay under the radar. No bank transfers under 10K euro's raise any flags.

      If you make a big ship or start playing pro I'd advice talking to an accountant, he should know what to do.
    • forbidden403
      forbidden403
      Bronze
      Joined: 26.01.2011 Posts: 4
      Winnings under a certain amount will not be taxed, that minimal amount varies from country to country. As long as you wont declare these winnings in your tax report (and we are talking about a few K's per year, I suppose..), I wouldn't worry much about it.

      If you're gonna buy a new car using poker winnings, however, i'd recommend talking to a tax consultant in your country....
    • theguy
      theguy
      Bronze
      Joined: 16.07.2009 Posts: 215
      If your asking about Latvia than I am pretty sure that you wont pay any tax because no one will actually start tracking your account details if you don't give the authorities a good reason to do so. I am pretty sure that the same applies for other countries as well.
    • datsmahname
      datsmahname
      Global
      Joined: 23.11.2009 Posts: 1,366
      until i'm making an hourly wage i can live off of i refuse to pay tax on my poker earnings.

      withdrawing 1k after 500 hours of grinding & paying 27% tax is a joke.
    • MissLT
      MissLT
      Bronze
      Joined: 14.01.2011 Posts: 19
      acctualy on saturday night i won 11,5 k usd. And now my plans are to buy a car. I withdraw something like 8k to mooneybookers. And dont know what to do next. Withdraw by mastercard every day like 500, or withdraw to my irish bank account, ant when take all moneys from the bank. Any adwise about this?
    • OZSA
      OZSA
      Bronze
      Joined: 18.05.2009 Posts: 804
      whatever you do, withdraw at once, coz there is a fee on it, so the bigger the withdraw the less fee you pay. and mastercard withdraws usually have an extra fee like 1-2%..i'd go with bank transfer directly all the cash. gz for the win

      or if u think u'll have tax problems, then withdraw to moneybookers/netteler and then to the bank..nobody can check how you got that money at an ewallet site..so go with that
    • 1
    • 2