The holidays have ended, and with the arrival of September, many are preparing to face the final stretch of the year. A fantastic opportunity to lift your spirits is the Extraordinary Draw for Hispanidad Day, which offers the impressive sum of 15 million euros in prizes. With such an amount, the possibilities seem infinite: from luxury trips to the purchase of that dream house on the beach. However, the joy of having won a big prize can be dampened by the inevitable reality of taxes, which are always lurking.
Current regulations establish that all prizes exceeding 40,000 euros are subject to taxation, and in this case the Tax Agency will take a considerable share. For the fortunate winners of the tournament, the levy amounts to 20% of the amount that exceeds that tax-free threshold. Thus, from the 15 million, 3 million will go to the Treasury, while the first prize winners will also have to withhold a corresponding 20%. This reveals that, although fortune smiles, lottery prizes also entail tax obligations that cannot be ignored.
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