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NEW GAMBLING TAXES TO HIT SOUTH AFRICA IN APRIL 2012
Posted 2/24/11 : Finance Minister's budget speech this week shows his hand
Expect plenty of comment and not a little lobbying from the South African lottery, horseracing and soccer pools sectors come April next year, when new taxes are set to be introduced, according to this week's budget speech by South African Finance Minister Pravin Gordhan.
All winnings above Rands 25 000, including payouts from the National Lottery, will be subject to a final 15 percent withholding tax in terms of the new provisions, which are unlikely to sit well with the African nation's big gamblers.
The Minister has claimed that the measure is intended to discourage gambling, but he is expecting argument anyway, saying: “Despite the obvious merits of this argument, I expect vigorous debate during the parliamentary process.”
The withholding tax on gambling winnings was in line with practice in other countries including the United States, the Minister pointed out in a speech that also introduced a range of heavier "sin taxes" on alcohol and smoking, and hikes in airport taxes and the price of fuel through a tax element and a Road Accident Fund subsidy.
Social spending increased, benefitting the 15 million South Africans who receive social grants, with 38 percent of them going to pensioners, children in poor households (35 percent) and 10 percent to the disabled. The Minister has disclosed that there are now 10 million taxpayers contributing some Rands 670 billion annually.
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MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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