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What is Taxation on Lottery and Prize Winnings about?

Income from winning prizes, including lotteries and contests, is subject to taxation under specific articles of the LISR. The tax rate is generally 1% on the prize value, increasing to 21% if local taxes exceed 6%. Taxpayers awarding prizes must withhold taxes and provide receipts to recipients, maintaining documentation as required by law.

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ScribdTranslations

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EN