NLCB: Taxes will not exceed 500,000 dollars

The National Lotteries Control Board is still calculating exactly how much money it will have to pay back to gamblers but says the amount does not exceed half a million dollars. This as the NLCB issued a statement on Friday that it will have to refund all the 10% deducted for the period July 30th to August 4th.
However, NLCB Chairman Eustace Nancis says he doesn't estimate the figure to be more than 300 to 400 thousand dollars.
Initially, the NLCB announced that winnings crossing $1,000 would be taxed at 10%.
The tax was outlined in the fiscal 2018 budget and was supposed to take effect on December 1st, 2017.
Now the NLCB cannot deduct the tax until section 9 (a) of the finance act is proclaimed.
The NLCB chairman says there is no word on when that will happen.


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