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alexk
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The National Lotteries Control Board (NLCB) yesterday said it had temporarily put a halt to the collection of a 10 per cent tax on winnings over $1,000 after implementing it at the start of the month.
In a release, the NLCB said in preparation for the implementation of the Finance Act No 15 of 2017, as announced in the last Budget presentation by Finance Minister Colm Imbert, it had brought in technical resources to develop, test and launch the required process for the collection of the new tax.
However, it said while the tax was provided for in the act, the date for its operationalisation had not yet been proclaimed by President Paula-Mae Weekes.
As such, it conceded that the technology was brought onstream prematurely.
The release said the NLCB will revert to the previous arrangement of a full payout of all winnings and refund any customers who were affected by the 10 per cent deduction for the period July 30 to August 4.
It added that customers will be updated on when the refund process will begin as well as when the new tax will come into effect.
The person who would benefit the most from this decision was this week’s Diego Martin winner of the $19 million Lotto jackpot.