France imposes hefty penalties for undisclosed casino winnings.
Some people in life experience good fortune or bad luck, while others enjoy both at once. This is known as having luck in misfortune. In this story, however, a Frenchman's story took a different turn. He enjoyed tremendous luck initially, but then fate had different plans in store for him.
This Frenchman was on a lucky streak one day, winning an astounding 160,000 Euros at the casinos in Monaco. However, his luck began to change on his way back home. He had to pass through customs in Nice, only 20 km away from Monaco. That's where his problems started.
The Customs Dilemma
When the customs officials checked him out, they discovered a significant amount of cash on him. Now, since Monaco is a separate city-state within France, he had to declare that money. When the officers brought this to his attention, he simply refused to cooperate. Instead of agreeing to a mutual resolution, he kept insisting on his rights.
This obstinacy and blindness ended up with the authorities (customs) taking him to court.
The Relentless Gambling Streak
At a casino in Monaco, a jobless Frenchman had managed to win an astronomical amount of 180,000 Euros playing poker and blackjack. Unfortunately, he managed to lose 20,000 Euros eventually. Feeling the end of his streak, he started his return journey. He should have just declared the money, but his foolishness and myopia resulted in a court case.
With a history of previous run-ins with law enforcement, the court hearing took a rather dismal turn for the Frenchman. Even though he didn't show up in court, the judge proceeded with the fast-track verdict. Considering his shameless behavior and the unthinkable amount of money he'd been hiding, the judge ordered a hefty fine of 80,000 Euros. So, the unemployed Frenchman was forced to forfeit 50% of his winnings due to his misconduct. This whole thing could have been avoided easily if he'd just complied with the law.
Tax-free gambling winnings in France
Gambling winnings in France are generally free from taxes. And it doesn't matter if it's a physical or online casino. Additionally, non-residents with winnings are also exempt from taxes. Although, any sums exceeding 10,000 Euros have to be declared when crossing France's borders. This legal requirement is what might have saved him. He would have been able to keep all 160,000 Euros. And for individuals who win at casinos, this high fine should serve as a stark reminder to claim their winnings legally.
Plus, starting in 2022, controls and penalties will intensify to help curb money laundering. In France, there's a loophole for taxing gambling winnings. But there's a catch - this only applies to gambling earnings from a profession, as seen with professional poker players.
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Source: www.onlinecasinosdeutschland.com
