How long does it take to receive the 50 million winning prize?

It can be completed in an hour at the fastest, and no more than a day at the slowest. Generally it can be summarized into the following steps: preparation, registration, ticket verification, tax accounting, tax payment and invoicing, interview, cashing;

The first step: preparation

The prize redemption center and winning Lottery players need to make preparations in advance. Specifically:

First, lottery players will check one by one whether the lottery player has really won the prize to avoid making an own joke; the most important thing is not to miss the prize redemption time. According to the provisions of Article 25 of the "Lottery Management Regulations", prizes can be redeemed at designated locations within 60 natural days from the date of the lottery draw, and will be invalid upon expiration. Because the lottery is anonymous, no one in the process will rush or remind you to take the time to win. You have to time it.

That is, the place where prizes are distributed must be clearly stated. Take sports lotteries, for example. Generally, prizes of less than 5,000 yuan are awarded at lottery stations, prizes of less than 100,000 yuan are awarded at the municipal sports lottery center, and prizes of more than 100,000 yuan are awarded at the provincial sports lottery center. After verifying where to collect the prize, determine the location of the winning place, and prepare your personal ID card, a first-class bank card designated by the winning center (with the same name as the ID card), and lottery tickets. As for the "equipment" for privacy, you don't need to bring it yourself. The lottery center will provide masks, winning clothes, sunglasses and other items.

The redemption center also needs to be prepared. After the grand prize is generated, the database will receive a winning message, and the prize redemption center will start preparing to claim the prize. For the 100 million yuan grand prize, if necessary, the prize redemption center will open a green channel and even contact the public security department for security to ensure the safety of the prize redemption process.

Step 2: Registration

ID card, bank card, lottery ticket. With these three things in hand, you can go to the lottery center to claim your prize. First register at the door, and the staff will ask you to fill out a registration form, including the winning color, lottery number and personal identification information. Just fill it out truthfully.

The third step: ticket verification

This step is crucial. To put it bluntly, it is to check the authenticity of the lottery ticket, because the lottery ticket is anonymous and the lottery ticket is the only proof of winning.

After the lottery barcode is entered into the database, a redemption ticket is generated, indicating that the lottery ticket is authentic and valid, and the process continues.

Step 4: Calculate taxes.

For a single bet with a winning amount of RMB 10,000 or more, the tax rate is 20%. If you decide to donate during this process, the donation is not taxable; if you do not donate, the tax rate will be 20%.

For example, suppose there is a grand prize of 5 million. If there is no donation, the tax is calculated at 20%, that is, the personal unexpected income tax of 1 million yuan is deducted, and the actual amount is 4 million yuan. Donate 1 million, deduct 800,000 in tax, and get 3.2 million.

Step 5: Pay taxes and issue invoices.

You don’t have to pay taxes. The staff will withhold and pay the money for you, and the grand prize winner does not need to do it in person.

After withholding, the staff will give you two bills, one is the tax withholding voucher, and the other is the cashed check. Both bills need to be stamped by the lottery center and signed by the grand prize winner.

It is worth noting that, as mentioned above, we need to prepare a bank card designated by the lottery center for "cash-out". Generally speaking, Bank of China, ICBC, China Construction Bank, and of course Agricultural Bank of China and Bank of Communications are the ones that cash checks. There are also other banks, but very few.