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Originally Posted by babomor
This seems to be the end of poker in Greece. Unless I'm missing something and you are able to deduct losses.
EDIT: You are for the day you ve made a profit. Beyond that, the level of the tax depends on the variance of the games you play. If let's say you play high buy in tournaments, you could have one big score of 100,000 amidst a bunch of losing days. The effective tax rate is 20%. The truth however is that most tournament players have some winning days sprinkled along as well, so the effective rate is going to be higher.
OTOH, if you are playing cash and SNGs and you have a mix of winning and losing days, then your effective tax rate gets far higher.
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Based on the Greek gaming law, we must withhold PWT from profits earned by you from gaming transactions in a player gaming session over €100 at a rate of 15% for profits from €100 to €500 and 20% on profits that exceed €500. Profits under €100 are tax free. Profits are calculated by looking at the impact of both winnings from gameplay that completed in the player gaming session and of stakes made in that session.
By stakes, I am understanding they mean your cash or tournament buy in.
EDIT: Made a mistake. Effective taxation should be between 20-30%, perhaps more. I will have to see my past play to check how high it goes.
The ones who do get a really raw deal are losing players who would have to pay 15-20% on the few days they make some money. But presumably they don't get that that much.
Last edited by leviathan74; 11-21-2013 at 04:03 PM.