Taxes are no doubt one of the primary sources of revenue for any state or country and we can say the same for the African nation of Zambia as well. Here, there’s something known as withholding Tax on betting winnings which has existed since 2014 but leading global bookmaker 1xBet.com has ensured they won’t be charging taxes on winnings of their players in Zambia.
As per the withholding taxes in Zambia, the law says that 20% of the net winnings of local players’ bets should go towards withholding taxes. Example: If you bet ZK 100 on any outcome with odds of 3.0 and your bet wins, the bookmaker pays you ZK 300. Here, the player’s net profit is ZK 200, which should ideally be taxed at 20% as per the laws in the region.
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Historically, many online betting sites including 1xBet paid these withholding taxes on behalf of the players to the government but of late, most of them have begun charging its customers and players these taxes, which has made it tough for players to remain profitable on the long run. The reason was the increase of another tax – on the conduct of gambling and betting business – which was raised from 10% to 25%!
However, amidst all this confusion and drama, 1xBet has ensured that they won’t charge a penny from customers for these taxes and they will continue to pay the withholding taxes to the Zambia government on behalf of the players. There’s a reason why they are world leaders and if you’re from the region, go ahead and register a 1xBet account right away since you know there’s no additional taxation here!
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