You will pay taxes if you make a correct sports prediction. What does the IRS say? – 2024-07-15 21:19:04

2024-07-15 21:19:04

The Income Tax on sports betting will come into effect from next Monday, July 1, 2024, in Ecuador.

He Income tax to the sports forecasts will also be for the winners. From July 1, 2024, it will be implemented in Ecuador This tax on the income received by the Sports Forecast Operators.

This tax is supported according to the Organic Decree Law for the Strengthening of the Family Economy. The regulations have been in force since their publication in the Official Register supplement 335, on June 20, 2023.

He Internal Revenue Service (IRS) created a section on its website www.sri.gob.ec. Its intention is to inform about the application of the Single Income Tax to the income received by sports prediction operators.

How will Income Tax be applied?

He Internal rents service reported that the Single Income Tax weighs with a rate 15% of the income received by sports forecast operators, both residents and non-residents in Ecuador.

How will Income Tax be applied?

He Internal rents service reported that the Single Income Tax weighs with a rate 15% of the income received by sports forecast operators, both residents and non-residents in Ecuador. Operators may deduct from said income the prizes paid on which they have made the respective withholding tax.

What about the forecast participants?

The regulations of this tax regime will regulate the mechanisms for declaring, liquidating and paying this tax and will establish the tax obligations that must be met. Players’ prizes are also taxed with 15% of Income Tax. This amount will be retained and paid to the treasury by sports prediction operators.