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Poker winnings: French professional players in the crosshairs of tax authorities
The Act of May 12, 2010 on online games, poker and sports betting continues to be debated at the French Parliament. Indeed, the recent parliamentary report of the Finance Committee drafted by the two deputies, Jean-François Lamour and Aurélie Filippetti attracted a likely reform of the legal text already approved last year. Thus, in the supplementary budget currently studied in the Parliament, both elected propose some changes, particularly in terms of poker. This amendment relates particularly the substitution of the 2% tax on rake by a tax of 20% of gross gaming revenue. For them, this measure is necessary to eliminate illegal offers while promoting legal operators, synonym of a boost for the economy.
In any case, the proposal is still in a lively discussion among members of the Parliament, which will decide after the end of the vote. Nevertheless, professional poker players are now in a rather uncomfortable position. Suddenly, the eventual adoption of the amendment in the 1267 section 92 of the General Tax Code would mean an important change for their future. Indeed, the Act of May 12, 2010 stipulated clearly that "gambling winnings are not taxable in France." However, this likely change would impose them new taxes relative to their monthly or yearly earnings, it depends. This put them in an absolutely equal situation as other employees. The only snag in this false argument is that professional poker players can win as they can go home empty handed.
Source: Oliver JOHNSON
Monday, 13 June 2011
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