EuroMillions is taxed at 20% in Spain

In Spain, it seems that there will be no turning back and the awards of quite 2.500 euros of ‘Loterías y Apuestas del Estado’, including EuroMillions, can pay 200th in taxes by the half exceeded.

EuroMillions, a lottery of bound European countries, is enclosed in the European nation through the LAE (Loterías y Apuestas del Estado). Previously, the LAE distributed the lottery prizes that were exempt from taxes as income tax, but since January 2019 it’ll be taxed at 200th all the prizes in excess of 2.500 euros.

For a prize of 3.000 euros, the tax would be 100 euros (500*20%).
For a prize of 400.000 euros, the tax would be 79.500 euros (397.500*20%)
For a prize of 25 million, the tax would be 4.999.500 euros (24.997.500*20%)

This life was announced by the finance minister, Cristobal Montoro, in the context of measures to reduce the deficit.

Some experts say that this tax can decrease considerably the total collection of the lottery. in addition, also warn of the risk that might lead to the collection down considering that 50 of the take goes to the state coffers, so eventually would raise less tax than while not it, though this may rely on the reaction that voters have once bought their weekly illusion from 2019.

Updated: January 21, 2019 — 10:34 am

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