Withholding on horse-race winnings threshold increased, shifting deduction obligations for bookmakers and licensees under tax law. Amendment to section 194BB increases the monetary limit for winnings from horse races that trigger a deduction obligation; a bookmaker or licensee responsible for paying winnings in excess of the prescribed limit must deduct income-tax at the rates in force, with the revised limit taking effect from 1 July 2010.
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Withholding on horse-race winnings threshold increased, shifting deduction obligations for bookmakers and licensees under tax law.
Amendment to section 194BB increases the monetary limit for winnings from horse races that trigger a deduction obligation; a bookmaker or licensee responsible for paying winnings in excess of the prescribed limit must deduct income-tax at the rates in force, with the revised limit taking effect from 1 July 2010.
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