Report elaborates on Gettmantsev's disclosure about the taxes paid by the gambling industry this year.
Rewritten Article:
Here's a lowdown on the recent surge in tax revenues, mostly income tax and gambling taxes, as disclosed by Daniil Getmanets, the head of the parliamentary financial committee.
While the lion's share of the increased taxes comes from income tax (71.3%) and personal income tax (PIT) (28.2%), it's worth noting that income tax this year has already touched the significant mark of 5.2 billion—that's a massive 4.6 billion more than in the same period last year!
Moreover, Getmanets revealed some stunning figures in May, showing that the gambling market as a whole coughed up a mind-boggling 1.8 billion in taxes, which is an astounding 2.1 times more than in May of the previous year. Around 1.3 billion of this impressive sum was income tax, marking an increment of 0.9 billion UAH over 2023.
Now, let's dive into some interesting insights surrounding tax policies, particularly income tax and gambling taxes, to help put this hike into context.
A Glimpse into Tax Trends in Europe
To get a feel for what's going on, let's take a look at some common trends in income tax and gambling taxes across various European countries.
Income Tax
As highlighted in the OECD's "Taxing Wages 2025" report, the tax wedge increased in twenty OECD countries between 2023 and 2024, while it decreased in fifteen countries and stayed the same in three. This pattern shows that tax policies tend to shift across different nations, so staying informed about these changes is essential.
One characteristic of European income tax systems is their progressive nature. In most countries, tax rates go up as income levels escalate. For instance, those making 167% of the average wage usually face higher tax rates compared to those earning 100% of the average wage.
When it comes to specific countries, Belgium and Denmark are among those with some of the highest tax rates in Europe, with Belgium's tax wedge reaching an eye-watering 39.7%. While specific year-on-year increases aren't available for these countries, they're known for maintaining high tax burdens.
In contrast, Portugal has made significant alterations to its tax regime, especially for expats. They've updated the Non-Habitual Resident (NHR) scheme and introduced a new tax incentive scheme for research and innovation, offering a flat 20% tax rate for eligible professionals.
Gambling Taxes
Exact details on gambling taxes for specific countries for the current year compared to last year aren't easily accessible in the provided search results. However, gambling tax policies tend to be subject to local regulations and economic considerations, making them vary from country to country.
For a precise analysis, it's crucial to have specific data on the country of interest. But some factors worth keeping in mind are the role of tax policies and economic conditions, the practice of progressive taxation, and cross-country comparisons when searching for global trends and best practices.
To obtain detailed information about a specific country, checking out local tax authority publications or economic reports would be the way to go.
- In 2023, Denmark and Belgium were among the European countries with the highest income tax rates, with Belgium reaching a staggering 39.7%, according to the OECD's "Taxing Wages 2025" report.
- On the contrary, Portugal has recently revised its tax regime, offering a flat 20% tax rate for eligible professionals under the updated Non-Habitual Resident (NHR) scheme and a new tax incentive scheme for research and innovation.
- Besides income tax, the gambling market has significantly contributed to tax revenues, with over 1.8 billion in taxes collected in May 2023 alone, representing a 2.1 times increase compared to the same period in the previous year.
- Alina, when considering gambling tax trends, should bear in mind that tax policies and economic conditions vary from country to country, making local data analysis essential for precise analyses.
- It's worth noting that, as of the current search results, specific data on gambling taxes for various countries in 2023 compared to the previous year is not readily available, but keeping factors like progressive taxation, local regulations, and cross-country comparisons in mind can provide insights into broader global trends and best practices in the casino-and-gambling industry.
