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This year, El Gordo de Navidad's winners will be able to earn more

The Christmas Lottery, like all other games of chance, did not have to pay taxes in the years before the crisis.

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This year, El Gordo de Navidad's winners will be able to earn more

The Christmas Lottery, like all other games of chance, did not have to pay taxes in the years before the crisis. While the prize was available to all winners, the'sticks' had to arrive in the next year to allow the profits to be declared in Patrimony or IRPF. The law was changed in 2012 due to the low State income. It was decided that the Treasury would receive 20% from the State Lotteries and Gambling Draws for any excess of the exempt minimum.

After Citizens to the Budgets amended the law, the tax-exempt minimum has increased from 2,500 euros in the past to 10,000 euros. This amount will increase to 20,000 euros in 2019 as well as 40,000 euros in 2020. According to the Tax Agency data, although there is still a chance of winning the Gordo, 10,000 euros or less of the prize amount of 400,000 will not be subject to taxation. The lucky winner who took 320,500 net last year will now earn 322,000 euros this 2018.

This means that all who win more then 2,500 euros in 2018 Christmas Lottery will be more fortunate than last year. The net prize of 102,000 euros will be awarded to the winners of the second prize which ranges from 125,000 euros up to the tenth. This is in addition to the 100,500 that was given last year. The third prize of 50,000 euro per tenth will give the winner 42,000 euros instead of the 40.500 in 2017. The fourth and fifth prizes will be the same, but at 42,000 euros each tenth instead of the 40,500 in 2017.

There is no need for concern about how to declare it. The Treasury is extremely farsighted and collects it before they can be spent. This is just like it does with payroll or personal income tax withholdings. It is important to consider whether the money received is being reinvested. The returns must be taxed as bank interest or Wealth Tax.

Additionally, the Treasury was given 20% of the prize in 2012. They are not included in income tax base. This means that no additional taxes will be required in the annual Income statement. It also does not affect the time it takes to access public aid like scholarships and social benefits.

The tax obligations will change if the winner of the contest is an association, cooperative, foundation, or company. The amount you receive will be added to your Corporation Tax tax base, and withheld amounts will be deducted.

It is important that the prize be shared, as is common in the Christmas Lottery. If it cannot pay the Inheritance and Donations Tax, the administrator should notify the winner. The percentage of the prize depends on where the winner lives.

If the payment is made in a bank it will be required to notify the Tax Agency that the prize has been shared. Additionally, donations will be required if the prize is collected by one person and distributed. It is best to plan the distribution before you collect it.

El Gordo receives four million euros for the series. That is, for every euro played, a betor can withdraw 20,000 euros, less the Treasury's take. A winner with ten winners will receive 322,000 euros. The second prize in the Christmas Lottery is 6,250 Euros for every euro played. Lucky winners of a third prize will be awarded 2,500 euros per euro. For those who win a quarter, one thousand euros will be paid per euro and for those who play for the fifth prize, 300 euros per Euro.

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