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The Beginning of the 2020 Taichung Shopping Festival; Lucky Draw Winnings over NT$1,000 are Taxable Income

  • Date: 2020-07-10
  • Issued by: Press Liaison Division, Information Bureau of Taichung City Government
The Beginning of the 2020 Taichung Shopping Festival; Lucky Draw Winnings over NT$1,000 are Taxable Income

The 2020 Taichung Shopping Festival began today (the 1st) with daily and weekly lucky draws with the winnings of e-scooters and cash prizes of NT$100,000, respectively. In the beginning of August, there are chances to win grand prizes including a cash prize of NT$1 million, cars and a luxurious house. According to the Economic Development Bureau of the Taichung City Government, shoppers are encouraged to register their GUI receipts to win prizes. Winners with a prize higher than the value of NT$1,000 shall pay a tax according to the tax laws of the Republic of China (R.O.C).

According to the Bureau of Economic Development, last year's winner of the grand prize of a luxurious house for the first shopping festival promotion was sponsored by the Association of Real Estate and therefore, taxes of the winner were exempted. For this year's grand prize, "the Smiling Century 2-Yunping Special Area" including a parking lot, unlike last year, shall be considered as a taxable income of luxurious houses paid by the lucky winner.

The Bureau of Economic Development pointed out that in order to give away more prizes, the daily and weekly lucky draws, respectively, include e-scooters, cash prizes of NT$100,000 and cars. There is also a cash prize of NT$1 million. With more attractive prizes, shoppers are encouraged to register their GUI receipts to win prizes.

The Bureau of Economic Development reminded shoppers that for participating in the events of the Festival, the winners shall pay a tax according to the tax laws of the R.O.C and when winning of NT$1,000 or more, the value of prize won will be included in the annual individual’s income tax. Winners have to fill in the required form and submit relevant winning proof. They shall also provide a photo copy of their front and back National Identification Cards for taxation purpose. For winning higher than the value of NT$20,000 (excluding NT$20,000) shall pay a 10% tax and foreign nationalities shall pay a 20% tax.

  • Date : 2020-07-06
  • Hit: 216

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