It is reported that the Ministry of Finance of Spain wants to amend the tax module to ensure the disclosure of information about prizes and wins in gambling in the amount of less than 300 euros.
The statement was made public through a proposal made open to the public, in which the ministry detailed its intentions to “eliminate the flaw” in income declarations submitted to AEAT.
The planned amendment was made public through a proposal made open to the public, in which the ministry detailed its intentions to “eliminate the flaw” in income declarations submitted to AEAT, Spain’s National Tax Agency.
The current Spanish tax code provides for two types of gambling declarations, one of which concerns prizes from state lotteries such as ONCE and SELAE. At the same time, a separate form is needed for winnings received in casino games and sports betting.
Currently, Spanish tax legislation provides for a twenty percent tax on lottery winnings exceeding 2,500 euros, which applies to the exemption from personal income tax in the amount of 40,000 euros per year.
At the same time, a four-tier system is used for sports betting and casino, which consists of a base rate of 19% on winnings up to 12,450 euros, an additional level of 24% from 12,450 to 20,200 euros, then 30% from 20,200 to 35,200 euros and, finally, the top level from all the others winnings/prizes are charged a commission of 37%.
Module 190 makes sure that Spanish citizens disclose to AEAT all gambling winnings, with the exception of prizes below $300, which have remained unaccounted for until now.
The ministry clarified that it is willing to change the tax module for this fiscal year, which will be announced next year.
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