10 percent tax on NLCB cash prizes from today

The National Lotteries Control Board (NLCB) is advising customers that a 10 per cent tax will be deducted on total winnings per ticket over $1000 from today.

The NLCB  made the announcement via an advertisement in the newspaper today.

It stated “today lottery winnings tax starts, you always win big with NLCB,”

However, it noted that non-cash prizes such as vehicles won’t be taxed.

Last September, finance minister Colm Imbert announced the introduction of a 10 per cent tax on cash winnings from the National Lotteries Control Board.

The measure was supposed to come into effect from December 1, 2017.

However, in December he announced that the tax will be put on hold.