In the end, it was a well-deserved win for Jannik Sinner, wasn’t it? The Italian star showed why he is one of the best players of the current generation by dispatching the challenge of Carlos Alcaraz in the Wimbledon final. Although he lost the first set, Sinner came back strongly to level the match by winning the second set. From there, there was no looking back for the World Number 1 as he dominated the proceedings to complete the match in four sets. With this, Sinner also earned a whopping $3.9 million in prize money. But do you know that he would be losing almost 50% of this figure due to the prevailing laws of the land?
According to the UK Withholding Tax, non-resident athletes are charged 20% of the prize money earned at tournaments. This straightaway reduces $780,000 from Sinner’s earnings at Wimbledon. Additionally, the income tax rate in Italy is 43% for high-earning individuals, where Sinner falls. However, the tax deducted in the UK is taken into account as a tax credit, meaning Sinner won’t be doubly taxed in his home country. Thus, Sinner’s net earnings would be 43% less than the $3.9 million earned at Wimbledon. With the expenses of his coaching staff and stay at the tournament, Sinner would take home almost 50% of the prize money as his net earnings from the tournament.
This is a developing story…
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