Practice question
What is the Section 24(B)(1) treatment of covered Philippine Charity Sweepstakes or Lotto winnings of P10,000 or less?
- Always ordinary salary
- Always 20% final tax without any exception
- Always a 10% book royalty
- Exempt under the express winnings exception
- Automatically foreign income
Legal references
- RA 12214 (CMEPA), Sections 3-4, 8 and 28, amended NIRC Sections 22, 24 and 32 and transition: https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html
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