Felix Stephensen from Norway collected an incredible $5,147,911 when he finished second to Martin Jacobson in the 2014 WSOP Main Event about 1,5 week ago. However, it doesn't seem like he will be able to enjoy his massive payday for much longer as the Norwegian tax department is after half of his winnings.
Usually, Norwegians pay 27% tax on poker winnings, but Stephensen will have to pay an addit[...] Read more » 2014 WSOP: Runner-Up Felix Stephensen To Pay 50% Tax On His Winnings
Joined: Mar '11
Location: United Kingdom
Age: 55 (M)
Posts: 7371
Wow, this must be a kick in the teeth when you have to pay this much. The only silver lining is that he still has two and a half million dollars left to console him. Hope he enjoys the rest of his winnings
Joined: Mar '12
Location: United Kingdom
Age: 45 (F)
Posts: 2261
It sounds like he needs to employ the services of a good accountant and lawyer.It does not seem right that Norway can take money from someone that has chose not to live there,or has not lived there for two and a half years. I thought the whole point of poker players moving to London was to avoid paying tax and every British person knows that rich people/companies in the UK can avoid paying tax quite easily. It would be good to hear what his opinion on the matter is,he may be fiercely patriotic and is quite happy to pay the Norwegian treasury!!
Joined: May '12
Location: United Kingdom
Age: 38 (M)
Posts: 2064
Posted by klash23: It sounds like he needs to employ the services of a good accountant and lawyer.It does not seem right that Norway can take money from someone that has chose not to live there,or has not lived there for two and a half years. I thought the whole point of poker players moving to London was to avoid paying tax and every British person knows that rich people/companies in the UK can avoid paying tax quite easily. It would be good to hear what his opinion on the matter is,he may be fiercely patriotic and is quite happy to pay the Norwegian treasury!!
I would guess if he was fiercely patriotic, he would still be living the beautiful land of Norway
...My impression is that he decided to move to England to dodge the hefty tax on winnings in Norway (which being a poker pro is a perfectly reasonable thing to do), knowing he would have to wait three years until he was no longer liable... This win just came a little too early for him but I'm sure he was aware before playing the tournament.
Usually, Norwegians pay 27% tax on poker winnings, but Stephensen will have to pay an additional social security contribution as he's listed as self-employed (poker professional). In total, the Norwegian taxman will be looking to take 50.4 percent or nearly $2.6 million of his winnings.
Top Kek. But I still wish I could live (and work) there.
Joined: Oct '10
Location: Canada
Age: 35 (M)
Posts: 52
I'm from Canada. Let's say i win $500,000 at the world series would I pay tax to the USA? How would that work. I'm planning on a trip to the world series next summer for a $1000 event. Thanks
Joined: Feb '12
Location: Canada
Age: 64 (M)
Posts: 6036
You'd think the government there, or anywhere for that matter,...would take into account that this is money 'external' usually to the economy into which the winner will bring his funds into...!
It's like 'bonus' money,...'money for nothing'...being brought into a country from abroad, and injected locally...!
Joined: May '08
Location: Canada
Age: 48 (M)
Posts: 1017
yeah as far as I know,if its over a certain amount you pay the tax. That's why I love Canada,I could win a $100 million and would not have too pay the tax man any thing..
Joined: Nov '11
Location: Romania
Age: 33 (M)
Posts: 88
i would put the money in offshores like switzerland, costa rica bank accounts that guarantee in writing refusal in cooperation/limitation of infos with authorities from X country, living like a king from interest rate. i would use 15% of that on good lawyers to help me in the above processes than paying 50% for nothing.
in romania we pay 25% on all winnings over 150eur at land based sports agencies and 0 for the moment in online. they want to make online a hell, with the same deduction from winnings but fortunately there are ways to fool the bloody system and take in full what is ours. in other countries at least they do public services with money collected, here are simply stolen in a way or another.
Joined: Aug '14
Location: Germany
Age: 43 (M)
Posts: 766
Baby, this is quit a lot of tax, but he will still have enoch to buy himself a house, two boats, some chicks, alcohol for the rest of his life and for sure he will never ever have to work again for anybody. Not bad.
Joined: Oct '14
Location: Serbia
Age: 34 (M)
Posts: 4358
Tax on win in mine coutry is 20% and that is a lot.... I cannot imagine 50% thats just robery... I dont know why they even put a tax on winning, thats just wrong!!!!!They took from him 2,6 million $ for nothing :S I could live mine whole life without lifting finger with that kind of money :S
BankrollMob Forum » News » 2014 WSOP: Runner-Up Felix Stephensen To Pay 50% Tax On His Winnings
