Card Player Europe recently reported that Italian poker pros might find themselves the target on an Italian Revenue Agency investigation, as well as under scrutiny by the Guardi di Finanza. The inquiry by the agency will be exploring the actual income of Italian Poker pros and comparing those numbers to the income they declared on their taxes.
Winnings from both domestic and foreign online poker rooms will be analyzed, as well as sponsorship contracts and royalties paid and any foreign assets in international banks.
A number of Italian poker players received a letter attached to a form asking the players to fill out the form and return it to a local tax office. Italian tax laws do require Italian poker players to play taxes on their winnings, even those acquired from non-Italian online poker sites, similar to Sweden’s tax laws regarding online poker winnings.
Card Player Europe states,
“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.”
Italy is new to the online poker industry, as they are one of the newest countries to enter the market and legalize Internet poker for their citizens. In the regulation bill, a 20% taxation was implemented on any revenue taken in by a licensed Italy-based online poker site. Now the Italian government is following up to make sure players are adhering to the laws and regulations of Internet poker when it comes to paying taxes.
When playing live dealer casino games you will not have to pay tax on your winnings if the site you are playing at is located within Europe. Check out our complete guide to the best Italian live dealer casinos and start playing roulette or blackjack with real live dealer.