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This year, the Christmas Lottery "gives away" 13 million euro in lower taxes

The Christmas Lottery is always played by the Treasury.

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This year, the Christmas Lottery "gives away" 13 million euro in lower taxes

The Christmas Lottery is always played by the Treasury. The same saying applies this year, though a little less. It is true that Sunday 22nd will see a total of 175million euros in the public purse. This is 7.2% less than the Grand Prize draw last year (13.6m euros).

Accordingly, Treasury will be able to draw less traditional numbers. According to calculations by the Technicians of Ministry of Finance (Gestha), it will win 13.6 millions euros less in the 2018 Christmas Lottery. Although the Christmas Lottery didn't have tax winners, it was known for its ability to raise taxes. However, the crisis forced them to start paying taxes. They explain that the Tax Agency explained that the tax agency approved "various tax measures for consolidating public finances" in 2012. The lottery prizes started to pay taxes.

This rule stipulates that all winners, individuals and legal entities, must support an independent withholding at the time they collect a winning lottery ticket, fraction, or coupon. The exemption for prizes less than 10,000 euro was last year. This year it is increased to 20,000. The lower prizes are exempt from taxes, while those with more than 10,000 euros will be subject to tax.

The norm also stipulates that the minimum amount will rise to 40,000 euro from next year. Gestha requests to paralyze the Treasury through a royal decree in order to stop most prizes being exempted and allow the Treasury to continue collecting at the current level.

If all winning tickets are sold, 2,380 million euro in prizes will be distributed next Sunday. Treasury technicians remind that the tax on Lottery prizes starts at 20,000 euros and ends at 20%. This means that the winners of the first three categories receive 2,000 more than last year's tenth, as well the ones of the fourth category which no longer bear the lien.

The Grand Prize will distribute 400,000 euros to the tenth winner. The Treasury will retain the remaining 76,000 euros. The second prize, which is 125,000 euros per 10th, will be paid 21,000 euros to Treasury. The third prize, which is 50,000 euros per 10th, will be deducted 6,000 Euros. The tax of 2,000 euro on the second and fourth prizes, which are each worth 20,000 euros, will not be applicable this year.

The Treasury will still collect around 30% of the amount it enters each year to pay withholdings on prizes from the State Lotteries and Betting Draws. These withholdings are made at the time of collection. The tax will be deducted from the winning amount.

The prizes do not have an impact on the individual income tax of the winners. They will just have to include in their next Income Tax return any possible returns the money could have, such as interest. The winners won't be affected by requests for assistance, scholarships or any other public aid that relies on income, not assets. It must be considered for Wealth Tax purposes.

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