How much does the Treasury take from the prizes
There are seasons that lend themselves to shopping and there is an opportunity to buy lottery tiques to try your luck a bit, but you perro’t help but wonder how these prizes are taxed? In case of winning Does the Treasury really keep half of the prize?
Until now, they are fácil comments that awaken us to investigate how the procedure really is and in this articulo we will reveal how the prizes are taxed and how much you must share with the Treasury.
How are the economic prizes taxed?
In accordance with the regulations contemplated in the current Law, lottery prizes are subject to a special tax.
However, not all are subject to special taxation, only those who exceed 40,000 €.
To be more specific, the first, second and third prize are subject to taxation of the Christmas Lottery.
The type of tax corresponds to 20% of the total that exceeds the exempt minimum of 40,000 €.
How much money does the Treasury take for a television contest prize?
Apart from winning a lottery prize, there is also the possibility of winning a prize through television contests, which are also taxed.
So if you participate in televisión contests such as “Pasapalabra”, “Boom”, you must pay taxes when you get the prize.
Treasury has the obligation to retain 19% of the prize obtained by a contestant on television who was the winner, determined the totality of the prize obtained, the pertinent calculation for taxation is made.
How much tax do I pay for winning the lottery?
When you win money for a lottery prize, you have the obligation to pay the Treasury 20% whichever the exempt minimum prevails, currently amounts to €40,000.
The Lottery Administration or the financial entity makes the withholding directly when paying the prize to the winner.
In other words, the winner is given the prize having deducted 20% of the total won and will not have to submit any plus statement to the Tax Agency.
How is the economic prize tax calculated?
The way to calculate the tax that you must pay to the Treasury is very fácil.
When knowing the totality of the prize you must calculate 20% and that result is what corresponds to the Treasury.
However, you must keep in mind that if the prize was won in a television contest, the total amount of the prize is calculated at 19% and that value is what will be withheld for the Treasury.
Do I have to pay for an in-kind prize?
If a prize in kind must be paid.
For the Treasury, the prizes are still money, they take it as if you have received the cash prize.
Therefore, you will cancel 19% of the prize you have obtained in the same way, so when you know the total amount won, you will apply 19% and you will know the value that you must deliver to the Treasury.
If at any time you have the opportunity to play the lottery, it is likely that you could win, so the information shared above is very interesting.
In itself, it is not very complicated, you just have to be clear about the total amount you have earnedto apply the corresponding percentage and deliver to the Treasury what is established.
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