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October 15 - After being without their beloved bi-weekly Lotto 'fix' for six
months, South Africans celebrated the return of the National Lottery on Saturday
last week with an opening jackpot of R15 million up for grabs.
The company now responsible for giving hope to millions of South Africans each
week hoping to solve their financial woes with a big Lotto win, is Gidani, a
consortium that replaced outgoing National Lottery operator, Uthingo.
Gidani will work closely with the National Lotteries Board to ensure that the
most effective service is offered to all South African lotto players, ensuring
that they are treated fairly and responsibly at all times within the National
Lottery gaming framework.
As gambling continues to grow in popularity within South Africa, thanks to the
national Lottery, an increase in land casinos nationally, as well as growing
interest in the convenience of leading Rand-based online casinos, there are many
concerns regarding gambling and Tax.
Possible the dirtiest of all three-letter words, Tax cannot be charged on
National Lottery winnings, nor on land casino winnings for that matter, provided
that the casino is legally licensed and regulated within South Africa.
However, say (by some utter miracle) you won the New York State Lottery, you as
a South African would be liable to pay Capital Gains Tax (CGT) on your hundreds
of millions of dollars of winnings if you attempted to bring them back into SA.
Swiss Bank account anyone? Incidentally on Saturday the R15 million jackpot was
not won and there will be a rollover of R18 million for the next draw.
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