Top prize for Taiwan lottery is $420,000

TAIWAN - The winning combinations of the May and June receipt lottery were announced yesterday, and the top prize offered is NT$10 million (S$420,000).

This is the third time in Taiwan's history that the National Treasury has issued NT$10 million prizes for the Uniform Invoice Lottery, which is more commonly known as the receipt lottery.

After deducting 20 per cent in income tax and 0.4 per cent in stamp duty, the lucky winners of the "Special Prize" for the May and June receipt lottery will receive NT$7.9 million each, if they claim their prizes between Aug. 6 and Nov. 5.

Winners are required to present their national ID cards and the winning receipts to local post offices in order to claim their prizes. Those not local to Taiwan are also eligible to claim the prize by presenting their passport or ARC to post office staff.

According to the Ministry of Finance (MOF), the Legislative Yuan will be evaluating whether or not to reduce lottery prizes. No potential changes will be effective until after the July and August Special Prize has been announced on Sept. 25, the MOF said.