Understanding Whether Lottery Winning Are Taxable In Singapore
Are lottery winnings taxable in Singapore? You may be asking yourself this question right now if you have decided to try your luck in the gambling world. It is not good to start playing at the Casinos in this country if you are worried about your winnings being taxed.
You do not have to worry because your lottery winnings are not taxable in Singapore. Your tax liability is only for the income that you receive in this country, meaning that you only pay tax on the income that you receive locally. There is no capital gains tax in this country, so lottery winnings both locally and internationally are considered capital gains and are not subject to taxation.
Also, you do not need to declare your lottery winnings in Singapore. Even if you do, it is unlikely that you will be taxed. If you don’t declare your lottery winnings, make sure that you have the records of having won them just in case you are supposed to explain the sudden girth in your bank account.
In Singapore, it is the casinos that are supposed to pay tax on lottery winnings. Casinos that are operated by the Marina Bay Sands and Resorts World Sentosa are supposed to pay the casino tax levied on the gross gaming revenue of the casinos. The Casino Regulation Authority regulates casinos in this country.
There are two tax rates in Singapore, namely the Gross Gaming Revenue that is generated from premium players at 5 percent and Gross Gaming Revenue that is generated from all other players at 15 percent. A premium casino player is the one who maintains a deposit account with a minimum amount of $100,000 S before they start playing at a casino. There is also a 7 percent Goods and Services Tax that is applicable on all gaming revenue.
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