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All over the world, lotteries have been launched to lift money for government programs and community initiatives. The funding shouldn't be only derived from ticket sales but also from taxes that winners should pay on their prizes. In Europe, tax rates differ from country to country, with every authorities taking a distinct portion of the prize.

In America, all lottery winnings are taxed at a rate of 25%. This money is then utilized by the federal government to fund numerous initiatives. Across the pond, the identical applies, and taxes range from 10% to twenty%, depending on the country.

In Greece, a new law was passed that may tax all lottery winners 10% on their prizes. The legislation was met with a substantial amount of resistance, as taxes must be paid on absolutely all winnings - even those worth €1. In different international locations, there's a €500 to €3500 minimal that players should win in order for their winnings to be taxed. In Portugal, players must spend 20% of their winnings on taxes while Romania requires a 25% lottery tax. In Poland, the lottery tax is 10% and in Italy, it is 6%.

For those who're an avid lottery player, it seems that the most effective places to live can be France and the United Kingdom. All winnings, regardless of how large, are paid out as lump sums and they aren't taxed. It might sound too good to be true, but this is actually the case. Over 8500 players have been made into millionaires thanks to the French lottery, and none were required to spend any of their money on paying taxes. Within the United Kingdom, the lottery is known for awarding millions of pounds in funding to numerous community organizations, but these donations are derived from ticket sales reasonably than lottery taxes. Different tax-free lottery places are Austria, Germany and Ireland.

For tax-free winnings, you may also play the EuroMillions lottery draw. Renowned for paying nearly a billion euros in cash prizes over the years, this generous lottery has made 1000's of Europeans into millionaires. Winners of this jackpot receive their prizes as lump sums, and they don't have to pay taxes.

However, there are some exceptions. In January 2013, the Spanish authorities introduced a 20% tax on all EuroMillions prizes. Portugal has had an analogous rule for quite a while, requiring all winners to pay out 20%. In Switzerland, EuroMillions winners should pay taxes, however it varies relying on the state in which the winner lives.

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