Grenadian Government to start taxing lottery winnings
Starting on Wednesday, the Grenadian government will impose a 15% tax on all winnings from games of chance that exceed EC$10,000.
Although it was authorized by the then-Keith Mitchell administration in 2014, the modification to the Income Tax Act of 2010 that stipulates the tax’s imposition was never put into effect.
Taxes must be paid on “cash winnings and any reference to a sum and to payment in relation to winnings,” according to the law.
According to Permanent Secretary in the Ministry of Finance Mike Sylvester, a 15% withholding tax will only be applied to winnings that are in excess of EC$10,000.
All games of chance, including the lottery and bingo, will be subject to the legislation.
The promoter of the game of chance is required to make the deduction and forward it to the Ministry of Finance; the winner will not be responsible for paying the tax to the government.
