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Spain Finance Ministry Clarifies Tax on Gambling Winnings

Thu 4th Apr 2013
Spain Finance Ministry Clarifies Tax on Gambling Winnings

The Ministry of Finance has recently clarified the rules relating to the taxation of online gambling profits, including any winnings from the lottery and other forms of gambling.

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However, as is probably to be expected, the Ministry made clear that online gambling losses do not give rise to tax credits that can be deducted from income tax. Any such losses made from gambling activities can only be used to lower capital gains derived from online gambling activities.

Spain's Law of 16/2012 allows gambling losses to be discounted from teh tax paid on any winning accrued in the same tax year. The law was published in the Official State Gazette on December 28, 2012, and brings the Spanish system more closely into line with that of other countries, particularly with regard to online gambling.

The Ministry also reminds punters that lottery and other winning over 2'500 are now subject to 20% in tax as from 01.01.2013.

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