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Monday, March 19, 2018

PCSO Prizes Should be Tax-Exempt


6/55              NO WINNER
DATE :         MARCH 24, 2018
RESULT:     5-8-16-20-33-41

6/42              NO WINNER
DATE :         MARCH 24, 2018
RESULT:     4-8-17-21-31-32


6/58
Draw Date 3/25/18
Estimated Jackpot Prize P50M

6/49
Draw Date 3/25/18
Estimated Jackpot Prize P104M

6/55
Draw Date 3/26/18
Estimated Jackpot Prize P44M

6/45
Draw Date 3/26/18
Estimated Jackpot Prize P25M

6/42
Draw Date 3/27/18
Estimated Jackpot Prize P13M


PCSO Prizes should be Tax-exempt

PCSO charter needs amendments to remove 20% tax on lottery winnings say's a BIR Expert.

MANILA – With the Tax Reform for Acceleration and Inclusion (TRAIN) law now implemented, there is no recourse but to request Congress to file amendments to Republic Act 1169, the Charter of the Philippine Charity Sweepstakes Office (PCSO), if the agency wants its lottery winning prizes to be exempted from the 20 percent tax, according to tax experts.
The TRAIN law requires 20 percent tax on all PCSO lottery games prizes if the amount of the winning is above P10,000.
Under the National Internal Revenue Code (NIRC), lotto winnings and all PCSO prizes are tax-exempt.
On the invitation of PCSO General Manager Alexander Balutan, the Bureau of Internal Revenue sent Marivic Gaban to meet with officials of the charity agency last Friday to enlighten them on the effect of TRAIN law.
Earlier, Balutan expressed concern over the new tax obligation of winning bettors that might discourage the gaming public to patronize the various lottery games of PCO such as Lotto, Keno (Lotto Express), Small Town Lottery (STL), and Sweepstakes.
Source: News5- InterAksyon