1xBet Will Not Charge Withholding Tax On Betting Winnings From It’s Customers
Taxes are one of the primary sources of filling the budget of any state, including Zambia. One of these, withholding Tax on betting winnings, has existed since 2014. It is charged by the state on victories of local players’ bets and is 20% of the net winnings.
For example, if you made a bet of 100 ZK on an outcome with odds of 3 and your bet won, the bookmaker should pay you 300 ZK. At the same time, the player’s net profit was 200 ZK, which is taxed at 20%.
Previously, all bookmakers themselves paid withholding Tax on betting winnings for their players. Recently, however, many companies have begun to deduct this tax from their customers’ winnings. The reason was the increase in another tax – on the conduct of gambling and betting business. The Zambian government has increased its rate from 10% to 25%.
However, 1xBet is worried about its customers and continues to pay the full withholding Tax on betting winnings for them. Thus, when placing bets on 1xBet, you can be sure that your winnings will be paid in full, and the bookmaker will take care of paying the tax, as before.
Win with the reliable bookmaker – 1xBet!