The news was passed under the radar, but since November 21, a new law on the game online in Greece requires poker sites to levy a tax on all profits of € 100 and in the players account more directly. This tax applies on the cashgames than tournaments. The first € 100 is free of tax. However, a levy of 15% occurs for all profits between € 100 and € 500, and all profits beyond $ 500 is levied at 20%.
What makes this new legislation difficult to swallow for the players, it is that this tax is calculated per 24 hours and that it is not possible to defer its losses at a later day. So, for example, if a player loses $ 2000 Monday, but earns $ 1100 Tuesday, he charged $ 160 for profits from Tuesday (0% for the 100 first Euro; 15% for 100-500 euros, and 20% for the tranche above 500 euros).
To circumvent this law, it is however possible for players to register in 'fake' tournaments at € 100 with his winnings in order to "hide" its gains. Players can thus unregistering these tournaments when they have losing days or simply when they do not play (they can then apply their non-taxable €100).
Also note that the Greeks are now in a closed market: they can no longer play on Pokerstars.com and must rather only play between Greek residents. It's really what we call be in the worst of both worlds...
To see the terms and conditions of this tax, you can consult the web site of PokerStars:
http://www.pokerstars.gr/en/poker/room/support/PWT-FAQ/
Discuss this news on the forum by clicking the following link: levy on gains on PokerStars.gr
