105-725: National Lotteries Board also known NLB (formerly known as Hospital Lottery ) government own national lottery company. Founded in 1955, under Finance Act No.4 of 1955 under the Minister of Health was the Major Edward A. Nugawela. (1947–1958). National Lotteries Board resisted under Finance Act no.11 of 1963. NLB number total agency network approximated 3,000. In 2017 National Lotteries Board fully operated by Ministry of Finance . NLB, earn Rs. 17.5 billion in 2015. Sri Lanka government one of main revenue but since 2018 revenue decreased. Revenue decreased by 18% in 2018. Several games operate under
210-431: A flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of yearly income amounts. Most countries charge a tax on an individual's income and corporate income . Countries or sub-units often also impose wealth taxes , inheritance taxes , gift taxes , property taxes , sales taxes , use taxes , environmental taxes , payroll taxes , duties , or tariffs . It
315-433: A pay-as-you-earn basis, with corrections made after the end of the tax year . These corrections take one of two forms: Income-tax systems often make deductions available that reduce the total tax liability by reducing total taxable income. They may allow losses from one type of income to count against another – for example, a loss on the stock market may be deducted against taxes paid on wages. Other tax systems may isolate
420-426: A certain area ( social engineering ). For example, a high excise is used to discourage alcohol consumption, relative to other goods. This may be combined with hypothecation if the proceeds are then used to pay for the costs of treating illness caused by alcohol use disorder . Similar taxes may exist on tobacco , pornography , marijuana etc., and they may be collectively referred to as " sin taxes ". A carbon tax
525-446: A commodity is sold to its final consumer. Retail organizations contend that such taxes discourage retail sales. The question of whether they are generally progressive or regressive is a subject of much current debate. People with higher incomes spend a lower proportion of them, so a flat-rate sales tax will tend to be regressive. It is therefore common to exempt food, utilities, and other necessities from sales taxes, since poor people spend
630-469: A definition and system of classification of internal taxes, generally followed below. In addition, many countries impose taxes ( tariffs ) on the import of goods. Many jurisdictions tax the income of individuals and of business entities , including corporations . Generally, the authorities impose a tax on net profits from a business , on net gains, and on other income. Computation of income subject to tax may be determined under accounting principles used in
735-519: A group of 51 society lotteries across the United Kingdom with a common drawing and prize pool. Each drawing is held on behalf of one or more of the society lotteries, whose revenues go to support health-related causes in their respective area. The Health Lottery received criticism on launch for only pledging to donate 20.3% of ticket costs to charity, compared to the National Lottery's 28%, and that
840-406: A higher proportion of their incomes on these commodities, so such exemptions make the tax more progressive. This is the classic "You pay for what you spend" tax, as only those who spend money on non-exempt (i.e. luxury) items pay the tax. A small number of U.S. states rely entirely on sales taxes for state revenue, as those states do not levy a state income tax. Such states tend to have a moderate to
945-638: A higher tax rate. Historically, in many countries, a contract needs to have a stamp affixed to make it valid. The charge for the stamp is either a fixed amount or a percentage of the value of the transaction. In most countries, the stamp has been abolished but stamp duty remains. Stamp duty is levied in the UK on the purchase of shares and securities, the issue of bearer instruments, and certain partnership transactions. Its modern derivatives, stamp duty reserve tax and stamp duty land tax , are respectively charged on transactions involving securities and land. Stamp duty has
1050-497: A large amount of tourism or inter-state travel that occurs within their borders, allowing the state to benefit from taxes from people the state would otherwise not tax. In this way, the state is able to reduce the tax burden on its citizens. The U.S. states that do not levy a state income tax are Alaska, Tennessee, Florida, Nevada, South Dakota, Texas, Washington state, and Wyoming. Additionally, New Hampshire and Tennessee levy state income taxes only on dividends and interest income. Of
1155-547: A lottery offering tickets for sale is the lottery organized by Roman Emperor Augustus . The funds were for repairs in the City of Rome, and the winners were given prizes in the form of articles of unequal value. The first recorded lotteries to offer tickets for sale with prizes in the form of money were held in the Low Countries in the 15th century. Various towns held public lotteries to raise money for town fortifications, and to help
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#17328691351421260-634: A lottery to raise money to purchase cannons for the defense of Philadelphia. Several of these lotteries offered prizes in the form of " Pieces of Eight ". George Washington 's Mountain Road Lottery in 1768 was unsuccessful, but these rare lottery tickets bearing Washington's signature became collectors' items; one example sold for about $ 15,000 in 2007. Washington was also a manager for Col. Bernard Moore 's "Slave Lottery" in 1769, which advertised land and slaves as prizes in The Virginia Gazette . At
1365-553: A particular amount. Such upper or lower limits may apply for retirement but not for health-care components of the tax. Some have argued that such taxes on wages are a form of "forced savings" and not really a tax, while others point to redistribution through such systems between generations (from newer cohorts to older cohorts) and across income levels (from higher income levels to lower income-levels) which suggests that such programs are really taxed and spending programs. Unemployment and similar taxes are often imposed on employers based on
1470-453: A profit for the state. Although the English probably first experimented with raffles and similar games of chance, the first recorded official lottery was chartered by Queen Elizabeth I , in the year 1566, and was drawn in 1569. The 400,000 tickets issued cost 10 shillings (£0.50) each (roughly three weeks of wages for ordinary citizens), with the grand prize worth roughly £5,000. This lottery
1575-530: A record for the largest lottery jackpot in U.S. history, with its 8 November 2022 draw having an estimated jackpot of US$ 2 billion. Taxation A tax is a mandatory financial charge or levy imposed on a taxpayer (an individual or legal entity ) by a governmental organization to support government spending and public expenditures collectively or to regulate and reduce negative externalities . Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying
1680-625: A result of market forces . Certain countries (usually small in size or population, which results in a smaller infrastructure and social expenditure) function as tax havens by imposing minimal taxes on the personal income of individuals and corporate income. These tax havens attract capital from abroad (particularly from larger economies) while resulting in loss of tax revenues within other non-haven countries (through base erosion and profit shifting ). Legal and economic definitions of taxes differ, such that many transfers to governments are not considered taxes by economists. For example, some transfers to
1785-511: A single-rate form of taxation regardless of ability to pay (the Community Charge , but more popularly referred to as the Poll Tax), led to widespread refusal to pay and to incidents of civil unrest, known colloquially as the ' Poll Tax Riots '. Some types of taxes have been proposed but not actually adopted in any major jurisdiction. These include: An ad valorem tax is one where the tax base
1890-437: A tax on net worth (assets minus liabilities), as a percentage of the net worth, or a percentage of the net worth exceeding a certain level. The tax may be levied on " natural " or " legal persons. " A value-added tax (VAT), also known as Goods and Services Tax (GST), Single Business Tax, or Turnover Tax in some countries, applies the equivalent of a sales tax to every operation that creates value. To give an example, sheet steel
1995-531: A way to raise public funding for projects, and this led to the popular belief that lotteries were a form of hidden tax. At the end of the Revolutionary War the various states had to resort to lotteries to raise funds for numerous public projects. The first big lottery on German soil was held in 1614 in Hamburg . In Austria the first lottery was drawn in 1751, during the reign of Empress Maria Theresia , and
2100-518: Is a Malaysian company, which operates in the gambling sector. Founded and incorporated by the Malaysian Government in 1969, it was focused on the commercialisation of 4-Digits –based games. On 1 August 1985, the government in a non- tender privatisation , sold the company to businessman Vincent Tan who merged it into his Berjaya Group . Today, Sports Toto is a wholly owned subsidiary of Berjaya Sports Toto Berhad ( MYX : 1562), which
2205-493: Is a per unit tax, where the tax base is the quantity of something, regardless of its price. An excise tax is an example. Consumption tax refers to any tax on non-investment spending and can be implemented by means of a sales tax, consumer value-added tax, or by modifying an income tax to allow for unlimited deductions for investment or savings. This includes natural resources consumption tax , greenhouse gas tax (i.e. carbon tax ), "sulfuric tax", and others. The stated purpose
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#17328691351422310-430: Is a distinction between an estate tax and an inheritance tax: the former taxes the personal representatives of the deceased, while the latter taxes the beneficiaries of the estate. However, this distinction does not apply in other jurisdictions; for example, if using this terminology UK inheritance tax would be an estate tax. An expatriation tax is a tax on individuals who renounce their citizenship or residence. The tax
2415-590: Is a full VAT. The province of Quebec collects the Quebec Sales Tax [QST] which is based on the GST with certain differences. Most businesses can claim back the GST, HST, and QST they pay, and so effectively it is the final consumer who pays the tax. An excise duty is an indirect tax imposed upon goods during the process of their manufacture, production or distribution, and is usually proportionate to their quantity or value. Excise duties were first introduced into England in
2520-442: Is a general tax levied periodically on residents who own personal property (personalty) within the jurisdiction. Vehicle and boat registration fees are subsets of this kind of tax. The tax is often designed with blanket coverage and large exceptions for things like food and clothing. Household goods are often exempt when kept or used within the household. Any otherwise non-exempt object can lose its exemption if regularly kept outside
2625-599: Is a national lottery. It is organized every year since 1812 by a branch of the Spanish Public Administration, now called Loterías y Apuestas del Estado. The name Sorteo de Navidad was used for the first time in 1892. The Spanish Christmas lottery is the second longest continuously running lottery in the world. This includes the years during the Spanish Civil War when the lottery draw was held in Valencia after
2730-532: Is a tax on the consumption of carbon-based non-renewable fuels, such as petrol, diesel-fuel, jet fuels, and natural gas. The object is to reduce the release of carbon into the atmosphere. In the United Kingdom, vehicle excise duty is an annual tax on vehicle ownership. An import or export tariff (also called customs duty or impost) is a charge for the movement of goods through a political border. Tariffs discourage trade , and they may be used by governments to protect domestic industries. A proportion of tariff revenues
2835-426: Is also possible to levy a tax on tax, as with a gross receipts tax . In economic terms ( circular flow of income ), taxation transfers wealth from households or businesses to the government. This affects economic growth and welfare , which can be increased (known as fiscal multiplier ) or decreased (known as excess burden of taxation ). Consequently, taxation is a highly debated topic by some, as although taxation
2940-440: Is an ad valorem tax levy on the value of a property that the owner of the property is required to pay to a government in which the property is situated. Multiple jurisdictions may tax the same property. There are three general varieties of property: land, improvements to land (immovable human-made things, e.g. buildings), and personal property (movable things). Real estate or realty is the combination of land and improvements to
3045-484: Is considered the most viable option to operate the government (instead of widespread state ownership of the means of production ), as taxation enables the government to generate revenue without heavily interfering with the market and private businesses; taxation preserves the efficiency and productivity of the private sector by allowing individuals and companies to make their own economic decisions, engage in flexible production , competition , and innovation as
3150-433: Is deemed necessary by consensus for society to function and grow in an orderly and equitable manner through the government provision of public goods and public services , others such as libertarians and anarcho-capitalists are anti-taxation and denounce taxation broadly or in its entirety, classifying taxation as theft or extortion through coercion along with the use of force . Within market economies, taxation
3255-464: Is economically justified, as it will not deter production, distort market mechanisms or otherwise create deadweight losses the way other taxes do. When real estate is held by a higher government unit or some other entity not subject to taxation by the local government, the taxing authority may receive a payment in lieu of taxes to compensate it for some or all of the foregone tax revenues. In many jurisdictions (including many American states), there
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3360-495: Is generally a gain on sale of capital assets—that is, those assets not held for sale in the ordinary course of business. Capital assets include personal assets in many jurisdictions. Some jurisdictions provide preferential rates of tax or only partial taxation for capital gains. Some jurisdictions impose different rates or levels of capital-gains taxation based on the length of time the asset was held. Because tax rates are often much lower for capital gains than for ordinary income, there
3465-465: Is imported by a machine manufacturer. That manufacturer will pay the VAT on the purchase price, remitting that amount to the government. The manufacturer will then transform the steel into a machine, selling the machine for a higher price to a wholesale distributor. The manufacturer will collect the VAT on the higher price but will remit to the government only the excess related to the "value-added" (the price over
3570-622: Is listed on the main market of Bursa Malaysia . It claims to be the largest operator in Malaysia of 4D-based games, with 680 sales outlets offering a total of 7 games. The Mexican Lotería Nacional dates back to the late 18th century. The goal of the Lotería is to create jobs and to "impulse the wealth redistribution process". The Lotería is also a member of the North American Association of State and Provincial Lotteries. As measured by
3675-537: Is named FairTax . In Canada, the federal sales tax is called the Goods and Services Tax (GST) and now stands at 5%. The provinces of British Columbia, Saskatchewan, Manitoba, and Prince Edward Island also have a provincial sales tax [PST]. The provinces of Nova Scotia, New Brunswick, Newfoundland & Labrador, and Ontario have harmonized their provincial sales taxes with the GST—Harmonized Sales Tax [HST], and thus
3780-528: Is often hypothecated to pay the government to maintain a navy or border police. The classic ways of cheating a tariff are smuggling or declaring a false value of goods. Tax, tariff and trade rules in modern times are usually set together because of their common impact on industrial policy , investment policy , and agricultural policy . A trade bloc is a group of allied countries agreeing to minimize or eliminate tariffs against trade with each other, and possibly to impose protective tariffs on imports from outside
3885-526: Is often imposed based on a deemed disposition of all the individual's property. One example is the United States under the American Jobs Creation Act , where any individual who has a net worth of $ 2 million or an average income-tax liability of $ 127,000 who renounces his or her citizenship and leaves the country is automatically assumed to have done so for tax avoidance reasons and is subject to
3990-406: Is operated by Allwyn Entertainment Ltd, who took over from the original operator Camelot Group in 2024. 28% of National Lottery revenue, along with all unclaimed prizes, are distributed as grants to charitable causes. 12% of the revenue from the National Lottery is expected to go to the government, 5% goes to lottery retailers, 5% is retained by the operator for operating costs, and 50% remains for
4095-486: Is sometimes called a net wealth tax . Recurrent property taxes may be imposed on immovable property (real property) and on some classes of movable property. In addition, recurrent taxes may be imposed on the net wealth of individuals or corporations. Many jurisdictions impose inheritance tax on property at time of inheritance or gift tax at the time of gift transfer. Some jurisdictions impose taxes on financial or capital transactions . A property tax (or millage tax)
4200-439: Is the value of a good, service, or property. Sales taxes, tariffs, property taxes, inheritance taxes, and value-added taxes are different types of ad valorem tax. An ad valorem tax is typically imposed at the time of a transaction (sales tax or value-added tax (VAT)) but it may be imposed on an annual basis (property tax) or in connection with another significant event (inheritance tax or tariffs). In contrast to ad valorem taxation
4305-399: Is to reduce the environmental impact by repricing . Economists describe environmental impacts as negative externalities . As early as 1920, Arthur Pigou suggested a tax to deal with externalities (see also the section on Increased economic welfare below). The proper implementation of environmental taxes has been the subject of a long-lasting debate. An important feature of tax systems is
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4410-412: Is widespread controversy and dispute about the proper definition of capital. Corporate tax refers to income tax, capital tax, net-worth tax, or other taxes imposed on corporations. Rates of tax and the taxable base for corporations may differ from those for individuals or for other taxable persons. Many countries provide publicly funded retirement or healthcare systems. In connection with these systems,
4515-658: The Gambling Act 2005 , the maximum amount which can be won by a single ticket is £500,000, or 10% of the total draw proceeds. A minimum of 33% of the ticket price from players' subscriptions supports various trusts, which in turn fund local and international charities and community projects. Some £850 million have been donated. People's Postcode Lottery has a number of celebrity ambassadors, including David Attenborough , Judi Dench , Shobna Gulati , Tim Healy , Stephen Jardine , Ellen MacArthur , Aggie MacKenzie , Carey Mulligan , John Stapleton and Emma Thompson . The lottery
4620-487: The United States and some other countries during the 19th century, by the beginning of the 20th century, most forms of gambling, including lotteries and sweepstakes , were illegal in the U.S. and most of Europe as well as many other countries. This remained so until well after World War II. In the 1960s, casinos and lotteries began to re-appear throughout the world as a means for governments to raise revenue without raising taxes. Lotteries come in many formats. For example,
4725-508: The Virginia Company of London the right to raise money to help establish settlers in the first permanent English colony at Jamestown, Virginia . Lotteries in colonial America played a significant part in the financing of both private and public ventures. It has been recorded that more than 200 lotteries were sanctioned between 1744 and 1776, and played a major role in financing roads, libraries, churches, colleges, canals, bridges, etc. In
4830-694: The Western Canada Lottery Corporation (which serves Western and Northern Canada , excluding British Columbia ), and the British Columbia Lottery Corporation . The five regional lotteries are members of a consortium known as the Interprovincial Lottery Corporation , which administrates national games, including the flagship Lotto 6/49 and Lotto Max . The five lotteries offer draw games, scratch cards, and sports betting —the latter primarily under
4935-472: The customs house , and revenue derived from that source is called excise revenue proper. The fundamental conception of the term is that of a tax on articles produced or manufactured in a country. In the taxation of such articles of luxury as spirits , beer, tobacco, and cigars, it has been the practice to place a certain duty on the importation of these articles (a customs duty ). Excises (or exemptions from them) are also used to modify consumption patterns of
5040-402: The elderly , unemployment benefits , transfer payments , subsidies and public transportation . Energy , water and waste management systems are also common public utilities . According to the proponents of the chartalist theory of money creation , taxes are not needed for government revenue, as long as the government in question is able to issue fiat money . According to this view,
5145-694: The 1740s, the foundation of Princeton and Columbia Universities was financed by lotteries, as was the University of Pennsylvania by the Academy Lottery in 1755. During the French and Indian Wars , several colonies used lotteries to help finance fortifications and their local militia. In May 1758, the Province of Massachusetts Bay raised money with a lottery for the "Expedition against Canada". Benjamin Franklin organized
5250-781: The 2011 round 41. The main victory at that time was with 7 correct results and the smallest victory with three actual and one additional number, the number of which was reduced from three to two. The lottery return percentage is 41.1. Another lottery game played in Finland is Vikinglotto , which can be played in all Nordic countries as well as in Estonia , Latvia and Lithuania . In Vikinglotto, six actual numbers and two additional numbers out of 48 are drawn. There are five winning categories: 6 correct, 5 + extra number, 5 correct, 4 correct and 3 correct. In Finland, an average of six million euros in winnings go unredeemed each year. A national lottery
5355-661: The Australian government started their own lottery, named the 'Golden Casket Art Union', with the intention of raising money for charities and projects. Its first draw is credited with raising funds for veterans of World War One. Lotteries in Canada are administered by five regional organizations; the Atlantic Lottery Corporation (which serves Atlantic Canada ), Loto-Québec , the Ontario Lottery and Gaming Corporation ,
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#17328691351425460-543: The Calzabigi brothers (Giovanni and Ranieri). Casanova defended the project in a series of conversations with Madame de Pompadour , the French mathematician Jean d'Alembert , Joseph de Pâris Duverney, intendent of the École, and the French minister of foreign affair. Unlike modern lotteries where the state can never lose, in the French lottery the state could lose, but a wise choice of the payoff made losses so improbable as to ensure
5565-453: The English lotteries ran for over 250 years, until the government, under constant pressure from the opposition in Parliament, declared a final lottery in 1826. This lottery was held up to ridicule by contemporary commentators as "the last struggle of the speculators on public credulity for popularity to their last dying lottery". An English lottery, authorized by King James I in 1612, granted
5670-604: The NLB brand: This Sri Lanka –related article is a stub . You can help Misplaced Pages by expanding it . Lottery A lottery (or lotto ) is a form of gambling that involves the drawing of numbers at random for a prize. Some governments outlaw lotteries, while others endorse it to the extent of organizing a national or state lottery. It is common to find some degree of regulation of lottery by governments. The most common regulations are prohibition of sale to minors and licensing of ticket vendors. Although lotteries were common in
5775-702: The Republicans were forced to relocate their capital from Madrid. After the overthrow of the Republican government the lottery continued uninterrupted under the Franco regime. Notable prizes on different continents are: (local currency) The first lottery in Australia took place in the 1880s in Sydney. It was a private sweepstakes that was quickly prohibited, despite being moved to other areas such as Queensland and Victoria. In 1916,
5880-545: The above states, only Alaska and New Hampshire do not levy a state sales tax. Additional information can be obtained at the Federation of Tax Administrators website. In the United States, there is a growing movement for the replacement of all federal payroll and income taxes (both corporate and personal) with a national retail sales tax and monthly tax rebate to households of citizens and legal resident aliens. The tax proposal
5985-485: The arts , public works , distribution , data collection and dissemination , public insurance , and the operation of government itself. A government's ability to raise taxes is called its fiscal capacity . When expenditures exceed tax revenue , a government accumulates government debt . A portion of taxes may be used to service past debts. Governments also use taxes to fund welfare and public services . These services can include education systems , pensions for
6090-412: The bloc. A customs union has a common external tariff , and the participating countries share the revenues from tariffs on goods entering the customs union. In some societies, tariffs also could be imposed by local authorities on the movement of goods between regions (or via specific internal gateways). A notable example is the likin , which became an important revenue source for local governments in
6195-610: The brand Sport Select . The largest single jackpot record in Canadian lottery history was a Lotto Max drawing on January 7, 2020, for a jackpot of $ 70 million. In Finland, Veikkaus began selling lottery tickets in December 1970, and the first draw was televised on January 3, 1971. The lottery turned 40 on January 3, 2011, and by then the lottery had been drawn 2,126 times. Since then, there has been one lottery draw every week. Lottery game time usually ends on Saturday at 9:45 p.m., and
6300-404: The cost of the sheet steel). The wholesale distributor will then continue the process, charging the retail distributor the VAT on the entire price to the retailer, but remitting only the amount related to the distribution mark-up to the government. The last VAT amount is paid by the eventual retail customer who cannot recover any of the previously paid VAT. For a VAT and sales tax of identical rates,
6405-407: The country typically requires employers or employees to make compulsory payments. These payments are often computed by reference to wages or earnings from self-employment. Tax rates are generally fixed, but a different rate may be imposed on employers than on employees. Some systems provide an upper limit on earnings subject to the tax. A few systems provide that the tax is payable only on wages above
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#17328691351426510-470: The draw is usually held on Saturday at 10:15 p.m. Large public holidays on Saturdays may postpone the draw to Sunday. The lottery has two official supervisors; from 3 January 1971 to 29 September 2013, the lottery was televised on Yle TV1 , and in October 2013, the lottery draws were postponed on MTV3 after ten evening news, because according to FICORA , the sponsorship cooperation between Veikkaus and Yle
6615-557: The drawing of lots. The first known European lotteries were held during the Roman Empire , mainly as an amusement at dinner parties. Each guest would receive a ticket, and prizes would often consist of fancy items such as dinnerware. Every ticket holder would be assured of winning something. This type of lottery, however, was no more than the distribution of gifts by wealthy noblemen during the Saturnalian revelries. The earliest records of
6720-422: The effect of discouraging speculative purchases of assets by decreasing liquidity. In the United States , transfer tax is often charged by the state or local government and (in the case of real property transfers) can be tied to the recording of the deed or other transfer documents. Some countries' governments will require a declaration of the taxpayers' balance sheet (assets and liabilities), and from that exact
6825-460: The estates of the deceased. In contrast with a tax on real estate (land and buildings), a land-value tax (or LVT) is levied only on the unimproved value of the land ("land" in this instance may mean either the economic term, i.e., all-natural resources, or the natural resources associated with specific areas of the Earth's surface: "lots" or "land parcels"). Proponents of the land-value tax argue that it
6930-756: The government expenditure of taxes raised is often highly debated in politics and economics . Tax collection is performed by a government agency such as the Internal Revenue Service (IRS) in the United States , His Majesty's Revenue and Customs (HMRC) in the United Kingdom , the Canada Revenue Agency or the Australian Taxation Office . When taxes are not fully paid, the state may impose civil penalties (such as fines or forfeiture ) or criminal penalties (such as incarceration ) on
7035-506: The household. Thus, tax collectors often monitor newspaper articles for stories about wealthy people who have lent art to museums for public display, because the artworks have then become subject to personal property tax. If an artwork had to be sent to another state for some touch-ups, it may have become subject to personal property tax in that state as well. Inheritance tax, also called estate tax, are taxes that arise for inheritance or inherited income. In United States tax law , there
7140-512: The jurisdiction, which tax-law principles in the jurisdiction may modify or replace. The incidence of taxation varies by system, and some systems may be viewed as progressive or regressive . Rates of tax may vary or be constant (flat) by income level. Many systems allow individuals certain personal allowances and other non-business reductions to taxable income, although business deductions tend to be favored over personal deductions. Tax-collection agencies often collect personal income tax on
7245-730: The land. Property taxes are usually charged on a recurrent basis (e.g., yearly). A common type of property tax is an annual charge on the ownership of real estate , where the tax base is the estimated value of the property. For a period of over 150 years from 1695, the government of England levied a window tax , with the result that one can still see listed buildings with windows bricked up in order to save their owner's money. A similar tax on hearths existed in France and elsewhere, with similar results. The two most common types of event-driven property taxes are stamp duty , charged upon change of ownership, and inheritance tax , which many countries impose on
7350-504: The late Qing China . Occupational taxes or license fees may be imposed on businesses or individuals engaged in certain businesses. Many jurisdictions impose a tax on vehicles. A poll tax, also called a per capita tax , or capitation tax , is a tax that levies a set amount per individual. It is an example of the concept of fixed tax . One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16)
7455-475: The loss, such that business losses can only be deducted against business income tax by carrying forward the loss to later tax years. In economics, a negative income tax (abbreviated NIT) is a progressive income tax system where people earning below a certain amount receive supplemental payment from the government instead of paying taxes to the government. Most jurisdictions imposing an income tax treat capital gains as part of income subject to tax. Capital gain
7560-649: The lottery's structure was designed to contravene British law regarding lotteries. In the UK, winning the lottery is correlated to expressing more preference for the Conservative Party . Winning larger prizes results in a larger shift in favor of the Conservative Party. People's Postcode Lottery is a subscription lottery in the UK. The format was introduced by Dutch company Novamedia BV : players pay at minimum £10 monthly to play, and winning postcodes are announced daily. In accordance with restrictions under
7665-520: The modern-day stockbrokers for various commercial ventures. Most people could not afford the entire cost of a lottery ticket, so the brokers would sell shares in a ticket; this resulted in tickets being issued with a notation such as "Sixteenth" or "Third Class". Many private lotteries were held, including raising money for the Virginia Company of London to support its settlement in America at Jamestown. The English State Lottery ran from 1694 until 1826. Thus,
7770-586: The non-paying entity or individual. The levying of taxes aims to raise revenue to fund governing , to alter prices in order to affect demand , or to regulate some form of cost or benefit . States and their functional equivalents throughout history have used the money provided by taxation to carry out many functions. Some of these include expenditures on economic infrastructure ( roads , public transportation , sanitation , legal systems , public security , public education , public health systems ), military , scientific research & development , culture and
7875-457: The number of €20 tickets available was reduced from 180 million to 160 million, reducing the potential maximum prize pool to €2.24 billion (70% of ticket sales), with a maximum potential El Gordo of €720 million. A lottery was first held in Thailand (then known as Siam ) in 1874 during the reign of King Chulalongkorn (Rama V), as part of an international fair organised for his birthday. A lottery
7980-597: The outset of the Revolutionary War, the Continental Congress used lotteries to raise money to support the Colonial Army. Alexander Hamilton wrote that lotteries should be kept simple, and that "Everybody ... will be willing to hazard a trifling sum for the chance of considerable gain ... and would prefer a small chance of winning a great deal to a great chance of winning little". Taxes had never been accepted as
8085-417: The percentage of the tax burden as it relates to income or consumption. The terms progressive, regressive, and proportional are used to describe the way the rate progresses from low to high, from high to low, or proportionally. The terms describe a distribution effect, which can be applied to any type of tax system (income or consumption) that meets the definition. The terms can also be used to apply meaning to
8190-601: The poor or in order to raise funds for a wide range of public usages. The lotteries proved very popular and were hailed as a painless form of taxation . The Dutch state-owned Staatsloterij is the oldest running lottery (1726). The English word lottery is derived from the Dutch noun "lot" meaning "fate". The first recorded Italian lottery was held on 9 January 1449 in Milan organized by the Golden Ambrosian Republic to finance
8295-471: The poor. The town records of Ghent , Utrecht , and Bruges indicate that lotteries may be even older. A record dated 9 May 1445 at L'Ecluse refers to raising funds to build walls and town fortifications, with a lottery of 4,304 tickets and total prize money of 1737 florins (worth about US$ 170,000 in 2014). In the 17th century it was quite usual in the Netherlands to organize lotteries to collect money for
8400-580: The possibility of multiple winners. The first recorded signs of a lottery are keno slips from the Chinese Han dynasty between 205 and 187 BC. These lotteries are believed to have helped to finance major government projects like the Great Wall of China . From the Chinese Book of Songs (2nd millennium BC.) comes a reference to a game of chance as "the drawing of wood", which in context appears to describe
8505-418: The prize can be a fixed amount of cash or goods. In this format, there is risk to the organizer if insufficient tickets are sold. More commonly, the prize fund will be a fixed percentage of the receipts. A popular form of this is the "50–50" draw, where the organizers promise that the prize will be 50% of the revenue. Many recent lotteries allow purchasers to select the numbers on the lottery ticket, resulting in
8610-458: The public sector are comparable to prices. Examples include tuition at public universities and fees for utilities provided by local governments. Governments also obtain resources by "creating" money and coins (for example, by printing bills and by minting coins), through voluntary gifts (for example, contributions to public universities and museums), by imposing penalties (such as traffic fines ), by borrowing and confiscating criminal proceeds. From
8715-440: The purpose of taxation is to maintain the stability of the currency, express public policy regarding the distribution of wealth, subsidizing certain industries or population groups or isolating the costs of certain benefits, such as highways or social security. The Organisation for Economic Co-operation and Development (OECD) publishes an analysis of the tax systems of member countries. As part of such analysis, OECD has developed
8820-484: The right amount of tax at the right time and securing the correct tax allowances and tax relief. The first known taxation occurred in Ancient Egypt around 3000–2800 BC. Taxes consist of direct or indirect taxes and may be paid in money or as labor equivalent. All countries have a tax system in place to pay for public, common societal, or agreed national needs and for the functions of government. Some countries levy
8925-410: The supply of people is in fact not fixed over time: on average, couples will choose to have fewer children if a poll tax is imposed. The introduction of a poll tax in medieval England was the primary cause of the 1381 Peasants' Revolt . Scotland was the first to be used to test the new poll tax in 1989 with England and Wales in 1990. The change from progressive local taxation based on property values to
9030-516: The taxation of select consumption, such as a tax on luxury goods and the exemption of basic necessities may be described as having progressive effects as it increases a tax burden on high end consumption and decreases a tax burden on low end consumption. Taxes are sometimes referred to as "direct taxes" or "indirect taxes". The meaning of these terms can vary in different contexts, which can sometimes lead to confusion. An economic definition, by Atkinson, states that "...direct taxes may be adjusted to
9135-641: The top price now up to 32 million baht . Shrines of local folklore and popular religion , such as Nang Ta-Khian , are often propitiated in order to be lucky in the Thai lottery draw. The principal lottery in the United Kingdom is the National Lottery , a state-franchised lottery sanctioned by the Gambling Commission (formerly the National Lottery Commission ), and established in 1994. It
9240-405: The total payroll. These taxes may be imposed in both the country and sub-country levels. A wealth tax is levied on the total value of personal assets, including: bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses , financial securities , and personal trusts. Liabilities (primarily mortgages and other loans) are typically deducted, hence it
9345-486: The total prize fund of which 5% is diverted to a Super Draw fund, leaving 45% for normal prizes. Northern & Shell also operates a commercial lottery known as The Health Lottery , which distributes its revenue to support health-related charities and causes. To comply with the Gambling Act, which forbids other parties from operating a national lottery, The Health Lottery operates as an umbrella corporation representing
9450-528: The total prize payout, the Spanish Christmas Lottery is considered the biggest lottery worldwide. In 2012, if all of the tickets had been sold, the total amount payout of prizes would have been worth €2.52 billion (70% of ticket sales). The total amount of all prizes of the first category called El Gordo ("the fat one") was €720 million which was distributed among 180 winning tickets (billetes) that win €4 million each. For 2013, due to falling demand,
9555-672: The total tax paid is the same, but it is paid at differing points in the process. VAT is usually administrated by requiring the company to complete a VAT return, giving details of VAT it has been charged (referred to as input tax) and VAT it has charged to others (referred to as output tax). The difference between output tax and input tax is payable to the Local Tax Authority. Many tax authorities have introduced automated VAT which has increased accountability and auditability , by utilizing computer systems, thereby also enabling anti-cybercrime offices as well. Sales taxes are levied when
9660-443: The view of economists, a tax is a non-penal, yet compulsory transfer of resources from the private to the public sector , levied on a basis of predetermined criteria and without reference to specific benefits received. In modern taxation systems, governments levy taxes in money; but in-kind and corvée taxation are characteristic of traditional or pre- capitalist states and their functional equivalents. The method of taxation and
9765-528: The war against the Republic of Venice . However, it was in Genoa that Lotto became very popular. People used to bet on the name of Great Council members, who were drawn by chance , five out of ninety candidates every six months. This kind of gambling was called Lotto or Semenaiu . When people wanted to bet more frequently than twice a year, they began to substitute the candidates names with numbers and modern lotto
9870-641: The world thanks to online lottery agents and bookkeepers. Some states have tried to combat this with different measures. The state government of Tamil Nadu decided to ban GooglePay since it allows payments to online lotteries and awards its users in India with Scratchcards . Indian lotteries provide a substantial economic boost for the states that provide them. In the fiscal year 2017–2018 Kerala collected GST worth Rs 908 crore and state revenue of Rs 1,691 crore. Lottery industry start operated in Malaysia on early 1969 by Berjaya Group . Sports Toto Malaysia Sdn Bhd
9975-509: The year 1643, as part of a scheme of revenue and taxation devised by parliamentarian John Pym and approved by the Long Parliament . These duties consisted of charges on beer, ale, cider, cherry wine, and tobacco, to which list were afterward added paper, soap, candles, malt, hops, and sweets. The basic principle of excise duties was that they were taxes on the production, manufacture, or distribution of articles which could not be taxed through
10080-533: Was a fiasco, since the tickets were very costly and the social classes which could afford them opposed the project. Between 1757 and 1836, for a period of about 80 years with some interruption during the French Revolution , the French state ran a profitable Loterie . The project was born out a series of initiatives to fund the École militaire . Instrumental to the birth of the Loterie were Giacomo Casanova and
10185-443: Was a form of the poll tax. Poll taxes are administratively cheap because they are easy to compute and collect and difficult to cheat. Economists have considered poll taxes economically efficient because people are presumed to be in fixed supply and poll taxes, therefore, do not lead to economic distortions. However, poll taxes are very unpopular because poorer people pay a higher proportion of their income than richer people. In addition,
10290-507: Was born, to which both modern legal lotteries and the illegal numbers game can trace their ancestry. King Francis I of France discovered the lotteries during his campaigns in Italy and decided to organize such a lottery in his kingdom to help the state finances. The first French lottery, the Loterie Royale , was held in 1539 and was authorized with the edict of Châteaurenard . This attempt
10395-505: Was designed to raise money for the "reparation of the havens and strength of the Realme, and towardes such other publique good workes", including the rebuilding of ports and new ships for the royal fleet. Each ticket holder won a prize, and the total value of the prizes equalled the money raised. Prizes were in the form of both "ready money" and valuable commodities such as silver plate, tapestries, and fine linen cloth. Additionally, each participant
10500-515: Was granted immunity from one arrest, "so long as the crime wasn't piracy, murder, felonies, or treason." The lottery was promoted by scrolls posted throughout the country showing sketches of the prizes. Thus, the lottery money received was an interest-free loan to the government during the three years that the tickets ('without any Blankes') were sold. In later years, the government sold the lottery ticket rights to brokers, who in turn hired agents and runners to sell them. These brokers eventually became
10605-458: Was illegal. In the current lottery played in Finland, the player chooses seven numbers between 1 and 40 (initially, until the autumn of 1980, six numbers between 1 and 40 were chosen, then for a few years seven numbers between 1 and 37 and then seven numbers between 1 and 39). In the draw, seven numbers and one (previously three and then two) additional numbers are drawn; the line price is 1 euro. The profit categories were changed, for example, from
10710-716: Was named Lotto di Genova since it was based on 90 numbers. Spain offers a wealth of lottery games, the majority of which are operated by Loterías y Apuestas del Estado with the remaining lotteries operated by the ONCE and the Catalan government. The first Spanish lottery game was played back in 1763 and, over the last two centuries, playing the lottery in Spain has developed into a tradition. The Spanish Christmas Lottery (officially Sorteo Extraordinario de Navidad [soɾˈteo ekstɾaorðiˈnaɾjo ðe naβiˈðað] or simply Lotería de Navidad [loteˈɾia ðe naβiˈðað])
10815-505: Was organised in 1917 by the British government with Thai consent to help finance Britain's war effort. Lotteries were held intermittently until 1933, when they became regularised under the finance department. The present Thai lottery is managed by The Government Lottery Office, a state enterprise managed by the Ministry of Finance . The drawings take place on the 1st and 16th of each month, with
10920-986: Was reintroduced in 1933. There are many lotteries in India. All lotteries are run by state governments but only 13 of the 28 Indian states allow them. The leader within Indian lotteries is the Kerala State Government that started their lottery department in 1967 following the country wide ban on private lotteries. The Kerala State Lotteries became an inspiration for other Indian states that started their own lotteries. As of right now lotteries are available in Kerala , Goa , Maharashtra , Madhya Pradesh , Punjab , West Bengal , Assam , Arunachal Pradesh , Meghalaya , Manipur , Sikkim , Nagaland and Mizoram . The public ban on lotteries in other states has not been very effective since several lottery providers allow Indians to play online. Indian players can play lotteries from all over
11025-523: Was the subject of a Channel 4 documentary, The Welsh Valley That Won the Lottery , about the residents of Rhymney who won in May 2022. Lotteries are operated at the state level in the U.S.; 45 states and 3 territories operate state lotteries, and nearly all of them are members of consortiums that operate regional games, and the two near-national games Mega Millions and Powerball . In November 2022, Powerball set
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