How much money does a Baloto winner in Colombia actually receive?

TL;DR

Baloto winnings are classified as 'occasional gains' in Colombia, not ordinary income.
A 20% withholding tax is automatically deducted from the prize money before it is given to the winner.
The Fiduciaria de Occidente acts as the withholding agent, transferring the tax to the DIAN.
Winners must declare the full prize amount in their annual tax return.
The deducted withholding tax can be subtracted when calculating the final tax liability on the prize.
Declaring the prize correctly is crucial to avoid penalties.
Larger prizes are managed by the Fiduciaria, while smaller ones can be claimed at physical locations.

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