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Bacolod City, PhilippinesTuesday, July 5, 2011
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Solons eying  income
tax for lottery wins

Two Mindanao lawmakers want to remove the tax exemption of sweepstakes and lotto winnings in the country to help raise tax revenues for the government, a press release from Congress said.

Reps. Rufus Rodriguez (2nd District, Cagayan de Oro City) and Maximo Rodriguez Jr. (Party-list, Abante Mindanao), Philippine Charity Sweepstakes and lotto winnings can be taxed since the law provides that prizes and winnings are taxable.

They referred to Republic Act 8424 or the Tax Reform Act of 1997, which provides the general definition of the taxable "gross income" in Section 32, the press release said. The law defines the taxable gross income as all income derived from whatever source, including but not limited to compensation for services in whatever form paid.

They noted that the taxes that can be imposed on huge jackpot prizes could amount to much-needed revenues for the government.

The bill provides that the PCSO and the Bureau of Internal Revenue will issue the rules and regulations for its full implementation, it added.*

 

 

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