Play casino games in Panama with tax free on gambling winnings
As a form of entertainment the online casino gaming is enjoyed by millions all over the world. People play for fun and with a bit of luck they get rewarded by good winnings.
To meet the demands of its customers, the online gambling industry has been making constant changes and improvements. Gambling regulations have been changed by the governments in many states and regions.
Trying to increase tourism, the government in Panama has recently announced that there will be no more tax on gambling winnings in this country.
Attracting more tourists for Panama
During the last few years tourism industry in Panama has been fading drastically. The government has started various measures to rescue and stabilize this important branch of the economy. JCJ (Junta de Control de Juegos) of Panama has announced that they would be introducing changes relating to betting.
One of the major changes is related to the taxation of betting in the country – the 5.5% Income Tax which applies to gambling winnings will be soon abolished. According to the new changes players will be able to cash in their winnings with no tax. The income tax will be removed from all aspects of gambling in Panama, which includes all forms of gambling such as bingo, sports betting and playing at the casino tables.
The new changes and measures regarding betting are now done with the hope they will tempt more visitors for the country.
Get the gamblers back to Panama
Actually the tax om gambling was introduced in Panama not long ago. It was done in 2015 by the previous government with the aim to raise revenue in an effort to pay for retirement benefits of Panama Citizens. But the result was negative on the tourist industry. The implementation of this tax was the reason many local players and international gamblers chose to visit neighbouring countries instead of playing in Panama.
The new changes of getting rid of tax on gambling winnings has been supported by many agencies of tourism. The figures show that after the tax was introduced, 4 years ago, the hotel occupation dropped with 45% below. And because of this there were approximately 40,000 job losses. The tourism has seen a real collapse.
Big Win for Players in Panama
The new changes authorize the casino players and gamblers to get tax free their winnings. From the other hand operators should be careful. A new system of control might be introduced for operators. An “Interconnected Electronic System” will audit to ensure operators are paying the right amount of tax. The Panama government will be monitoring any taxable activity implemented by casino operators in the country.