Lotto Winners in Grenada to Be Taxed
In what seemingly appears to be an unpopular move, lotto winners in the small Caribbean island country of Grenada are set to be taxed from March 2023.
The news comes after this bill was approved in 2014 but not enforced. However, it has since been actioned by the Dickon Mitchell Administration, with winners set to be taxed at 15 percent on all winnings over $10,000.
As such, with this law coming into place, it will mean that Grenada ,as well as its surrounding islands that make up the country, also need to adhere to this.
All Games of Chance Will Be Taxed
In addition to lotto winners, it is also all games of chance that apply as far as this law is concerned, with bingo winners, which have become increasingly popular on the island in recent years, also earmarked for taxation.
However, what is noted in the bill, is that the individual winner does not have to do anything - they will actually receive their winnings having already been taxed, with the promoter facing the responsibility of then passing this on to the ministry.
Currently, most countries around the world don’t tax lottery winners; however, what is usually the case is that a certain percentage of a person’s stake is donated to charity every year. However, due to the sheer number of people who play the lottery in big countries each week, this figure is often considerable.
Taxation to Make a Difference to Grenada
The money from the taxation on winnings that the government is set to receive is understood to be allocated towards improving the infrastructure of the country in vital areas and industries, such as healthcare and education.
Despite the taxation, it is unlikely to deter too many people from playing the lotto, while bingo halls have started to fill across the island in recent years, with this seen as a major pastime for quite a lot of elderly people.
Time will tell whether this turns out to be positive for the country, though many may wonder why it took so long for a bill that was approved nine years ago to be enforced.
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