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AGS won the recently raffled Ultra Lotto 6/58 in the amount of P1B. He plans to deposited P750,000,000 of his lotto winnings with the Bank

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AGS won the recently raffled Ultra Lotto 6/58 in the amount of P1B. He plans to deposited P750,000,000 of his lotto winnings with the Bank of the Philippine Islands and P250,000,000 in foreign currency with HSBC under an expanded foreign currency deposit system, net of applicable final taxes, if any. If AGS is a resident citizen, the lotto winnings shall be subject to: 25% Taxes 20% Final Taxes Exempt from Income Taxes Added to Gross Income and Subject to 20-35% Graduated Taxes

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