Italian Tax Services Investigate Poker ProsOnline Poker Professionals In Italy Have Lots Of Questions To Answer |
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Online poker professionals in Italy may have a few worries on their mind at the moment. According to Tax-News.com, the Italian Revenue Agency and the Guardia di Finanza have set the wheels in motion towards investigating the income earned and tax declared of players who have signed contracts with Italian and international poker rooms.
A letter along with a form was recently sent to these players, questioning them about their winnings, sponsorships, foreign bank accounts, and any income received from image rights and royalties. Any winnings from a site which does not have an establishment within the country will be subject to taxation. The players must fill out the form with all the relevant information and hand it into their local tax office by a certain date.
Foreign bank accounts associated with online gaming will be monitored and if the balance or any movements in and out of the account exceeds €10,000, it should be declared as a financial asset that could produce foreign income which will then be taxed accordingly.
Operators offering online cash games are hit with a tax on gross profits of 20 percent and must work within certain restrictions. Now the tax services are turning their focus on the players.
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