Tax on Prizes from Small Town Lotteries

Ask AI

BIR REVENUE MEMORANDUM CIRCULAR NO. 74-90: Tax on Prizes from Small Town Lotteries

Getting related questions...
What do you want to know about the law?
Your conversations and searches stay on your device. We do not store or track your activity on our servers. To know more about our privacy commitment see jur.ph/privacy Ask AI provides quick answers grounded in full case texts to avoid mistakes. Always verify with the original text.

Ask AI

Title Supreme Court: Tax on Prizes from Small Town Lotteries

Law: Bir Revenue Memorandum Circular No. 74-90

Decision Date: Aug 1, 1990

Prizes from small town lotteries are subject to a 20% final tax if exceeding P3,000, while those below this threshold are subject to income tax, as mandated by the Philippine Charity Sweepstakes Office and the Tax Code.

taxability

small town

lottery

END