A few days ago, when I looked up the lottery results, I won three 4th prize sheets of a Southern radio station. So do I have to pay taxes, if so, how much when I receive the bonus?
Advisory lawyer
According to the provisions at point a, clause 1, Article 15 of Circular 111/2013 of the Ministry of Finance, taxable income for lottery winning is the entire prize value in excess of 10 million VND on a lottery ticket received in a bonus round, without deducting any costs.
Because you did not specify the total winnings of the three 4th prize lottery tickets, as a general rule, if you win less than 10 million VND, you do not need to pay personal income tax (PIT). In case the winning amount exceeds 10 million VND, you must pay PIT, with the amount calculated as follows:
Personal income tax payable = Taxable income x 10% tax rate.
Thus, if you win a total amount of VND 50,000,000, the amount of PIT you must pay is as follows: (50,000,000 – 10,000,000) x 10% = VND 4,000,000.
You do not have to directly pay taxes, but the lottery companies will be responsible for withholding and following the correct procedures for customers, before awarding you prizes.
Lawyer Nguyen Thi Phuong
Saigon – Hanoi One Member Law Firm
at Blogtuan.info – Source: vnexpress.net – Read the original article here
