The National Lotteries Control Board is still calculating exactly how much money it will have to pay back to gamblers but says the amount does not exceed half a million dollars. This as the NLCB issued a statement on Friday that it will have to refund all the 10% deducted for the period July 30th to August 4th.
However, NLCB Chairman Eustace Nancis says he doesn't estimate the figure to be more than 300 to 400 thousand dollars.
Initially, the NLCB announced that winnings crossing $1,000 would be taxed at 10%.
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,”
An international report is claiming that Trinidad and Tobago loses an estimated $200 million dollars a year in tax revenues from international oil companies.
The report which was conducted by the anti-corruption agency 'Publish What You Pay', claims that giants like Exxon Mobil, Chevron and Tullow Oil establish subsidiaries in Caribbean territories to exploit loopholes in the tax systems.
The agency claims the main purpose of these subsidiaries being planted in Caribbean countries is to secure “treaty benefits” that would otherwise be unavailable to them.