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Cyprians Pay Taxes

The Cyprian government has been working on some new regulations that would concern the online casino gambling industry in the country specifically. Initial plans to block the internet gambling sites, even though Cyprus is a top licensing jurisdiction was met with a lot of criticism and the government has taken heed of the public debate and slowed down on attempts to completely place a block on the online casinos. The other side of the new Cyprian actions is coming to fruition as the government announces a new tax program that is coming into effect and that will require all of the Cyprian gamblers to pay higher and complete taxes on their winnings.

These new changes are actually a perfect way for the government to collect more needed revenue while also creating more cohesive and complete online casino gambling regulations for the country. The new policies will require that any Cyprian gambler that has won money from the internet gambling industry must claim those winnings on their personal taxes as a source of income and they will be taxed accordingly on those funds. Additionally, the online casinos have been paying out winnings for years without reporting the winners to the government – as a part of the new policies coming into effect all Cyprians are required to comply with the tax form requests and then face the fines and penalties for not having previously registered these winnings with the state.

The Inland Revenue Department in Cyprus is heading up these changes and they are mostly going to have an effect on the individual gamblers rather than the Cyprus facing online casinos themselves. The government estimates that as many as 500 gamblers are making their sole living off of the gambling sites and taxing these revenues will nicely flesh out some of the budget needs.