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The Government of Barbados has announced that it will apply a 15 percent tax to lottery winnings which surpass USD100,000.
When the measure was first announced some industry insiders expressed concerns about how it would impact the structure of their industry. The finance ministry claimed that it found some of those concerns to be valid upon investigation and amended the measure accordingly.
The amended version will be re-submitted to Parliament once it has been approved by the Cabinet.
The ministry is now finalizing the proposal, a process which is expected to take a few weeks. Industry players will be informed when it is complete.
The government also revealed that it is close to completing legislation for the Consolidation Tax, the Tax on Bank Assets, and the Municipal Solid Waste Tax. The implementation of these taxes, in addition to the Lottery Winnings Tax, will mark the fulfillment of the tax component of the government's 2013 fiscal measures.
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