Do you pay taxes on lottery winnings every year?

[kayode10]

I got to know that I had a citizen charger of lottery winnings and a person is to pay a certain percentage so that the government will not place embargo on the winnings. Another person said that the winner has to pay tax every year which is not proper in my perspective.

One of the questions I want to ask you guys is that do you pay taxes on lottery winnings every year? I will be glad if anyone you can tell me his response towards this question.

 

[Btaliat]

As a gambler, you pay tax on every winning and not on a yearly basis. But of course as a company that has a casino, you need to be paying tax on a yearly basis or as stated or agreed by the two parties to avoid embargo on your company.

 

[kayode10]

Over here in my country there is nothing you do that you are not going to pay tax to the government. We do this through indirect tax which is on everything will buy in the country. the same thing is applicable when you are buying a lottery ticket. If you noticed you will see that most of the slips has VAT on them.

 

[SlotsMaster]

We don't pay taxes on winnings here in Nigeria. Any amount you won you're going to receive it in full payment without the deduction of anything whatsoever and that is what the government does to encourage gaming activities.

 

[Julio88]

I got to know that I had a citizen charger of lottery winnings and a person is to pay a certain percentage so that the government will not place embargo on the winnings. Another person said that the winner has to pay tax every year which is not proper in my perspective.

One of the questions I want to ask you guys is that do you pay taxes on lottery winnings every year? I will be glad if anyone you can tell me his response towards this question.

In various countries the winner of a lottery is deducted taxes on his or her winnings automatically, which means you will never get the full amount of your winnings. Some others do not have these measures in place though

 

[James108]

When you win the lottery, you are required to pay taxes on your winnings, just like any other type of income. However, the way that lottery winnings are taxed may differ from other types of income.