No change in lottery prices
Those who like to indulge in a Golden Kiwi lottery ticket are in for a pleasant surprise — GST will not increase the price. Lottery tickets are not exempt from the new tax, but since all Golden Kiwi profits go back to the Government, some will simply be channelled to GST. “Besides, we could not sell tickets for $2.20 and $5.50.” Under GST, cash prizes are not consumer items and will not be taxed. This applies to both private and State-owned lotteries. Since a large part of the price of each lottery ticket sale goes towards the prize, GST will apply only to the remainder. However, consumer prizes, such as cars, are subject to GST.
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Bibliographic details
Press, 19 September 1986, Page 3
Word Count
119No change in lottery prices Press, 19 September 1986, Page 3
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