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Israel Illegal Gambling Profit Subject to Taxes

18 August 2004

ISRAEL – As reported by the Israel Globes: "The Ministry of Finance income and property tax division has ruled that profits from illegal gambling are subject to the regular tax rate.

"These profits are ineligible for the reduced 25% tax rate granted for income from legal gambling and lotteries, which applies only to profits of over NIS 70,000.

"The income tax division added that the exemption ceiling for legal gambling was for specific profits; only single gains of over NIS 70,000 are taxable.

"…The income tax division also said that taxpayers winning prizes attributable to their labor, occupation, or employer will be taxed at the ordinary rate…"

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