May be hit by 75 percent tax on earnings
According to finance publication tijd.be, professional poker players whose earnings are deemed to fall in the top tax bracket may be subjected to a 75 percent tax on earnings.
While the casual poker player is exempt from paying tax, if their earnings are deemed exceptional, around twenty Belgian poker professionals have reportedly been identified by tax authorities as falling within the top tax bracket. These individuals were sent requests from authorities to declare their winnings some time ago (see previous InfoPowa reports).
Tax authorities told tijd.be: "A person who plays poker regularly and devotes much time and energy to it as a profession must report their earnings as earned income".
"Those whose earnings are in the top tax bracket would be taxed at 75%," confirmed tax lawyer Michel Maus.
Online Casino News Courtesy of Infopowa