According to Spain’s news about the lottery vertical, its winnings generate a considerable amount of revenue for the country.
The monthly report from the Ministry of Finance shows that the first part of 2020 has brought 256.1 million euros of taxes from lottery winnings to the state coffers. The amount of taxes has increased by 1.3% in comparison to the same period of 2019 (252.8 million euros).
Spain’s tax bureau informed that 180 million euros had come from individuals’ income tax. Although the revenue from the tax on profits was 22.2% lower than in 2019, 2020’s amount exceeded the previous year’s sums. It is caused by the increased income tax – 22 million euros in 2019 have turned into 76 million euros in 2020.
In 2012, the twenty-percent tax had been set for winnings in the lottery sector, and it came into effect in 2013. Individuals who have won more than €2500 are obliged to pay 20% of their prize to the government. In 2018, a minimal tax amount was updated and grew to €10 000, in 2019, it was changed to € 20 000, and, finally, in 2020 – to €40 000.
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