Topic: Nigerian Government plans to begin taxing gambling. (Read 584 times)
This will hurt the domestic gambling industry in your country and I assume more people will start betting with crypto as a result.
The most important part here is that Nigeria is legalizing gambling. Taxation is secondary.
They legalize gambling so that they can impose taxes -- a good idea from the government not just to combat illegal gambling but also to generate additional income. There is a good reason for doing this and I think casino owners are aware that this will happen. Quote
And I would say that they are moving in the right direction. There are social vices such as prostitution, porn and gambling, which can't be controlled by government action. These activities have been around for thousands of years in human society and if governments think that they can ban them in a day or two by brining in a few bills, then they are completely wrong. I hope that India will follow this step and legalize gambling here as well.
A good government official will take a look at the welfare of everybody, not just for someone. For sure, before they implement gambling legalization, they already have plans for that specifically. Honestly, this has to be that way and this is also to stop money laundering. There is a huge money in gambling and the government takes advantage of it. 
The government of course want a piece of cake the gambling tax I just read news that "Japan on Friday approved a plan to build the country's first casino in the western city of Osaka, paving the way for a 1.08 trillion yen ($8.1 billion) resort set to open in 2029, aimed at attracting domestic and international tourist spending" https://www.reuters.com/markets/asia/japan-approves-osaka-site-countrys-first-casino-2023-04-14
Country like japan also want the gambling tax I believe because this industry been on an upward trajectory for the last few decades. In 2023, it reached a value exceeding $540 billion. according to https://europeanbusinessmagazine.com/business/how-much-is-the-global-gambling-industry-worth/
This might the reason other countries like Nigeria also has plant to begin taxing the gambling
Country like japan also want the gambling tax I believe because this industry been on an upward trajectory for the last few decades. In 2023, it reached a value exceeding $540 billion. according to https://europeanbusinessmagazine.com/business/how-much-is-the-global-gambling-industry-worth/
This might the reason other countries like Nigeria also has plant to begin taxing the gambling
The most important part here is that Nigeria is legalizing gambling. Taxation is secondary. And I would say that they are moving in the right direction. There are social vices such as prostitution, porn and gambling, which can't be controlled by government action. These activities have been around for thousands of years in human society and if governments think that they can ban them in a day or two by brining in a few bills, then they are completely wrong. I hope that India will follow this step and legalize gambling here as well.
But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling?
The Nigerian economy is already weak and that's why they came with the idea to tax gambling. From gambling tax they can somehow replenish their reserves as the number of gamblers in Nigeria are already a lot.I believe such move could support the government a lot and it can somehow stop those gambling addicts also who spend a lot of money and time on gambling. It's surely going to be a positive move for the economy.
Not sure if it will make a difference though, unless they are going to rake like half a billion a year from gambling taxes. They are so deep in loans already and perhaps this is the reason why they want to leverage taxes on gambling.
But there is great concern about corruption, yes it's happening everywhere, but countries like Nigeria and other 3rd world countries are susceptible and so hopefully strict implementation is needed by the Nigerian government so that their taxes from gambling will not be cut in halves.
But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling?
The Nigerian economy is already weak and that's why they came with the idea to tax gambling. From gambling tax they can somehow replenish their reserves as the number of gamblers in Nigeria are already a lot.I believe such move could support the government a lot and it can somehow stop those gambling addicts also who spend a lot of money and time on gambling. It's surely going to be a positive move for the economy.
Not sure if it will make a difference though, unless they are going to rake like half a billion a year from gambling taxes. They are so deep in loans already and perhaps this is the reason why they want to leverage taxes on gambling.
But there is great concern about corruption, yes it's happening everywhere, but countries like Nigeria and other 3rd world countries are susceptible and so hopefully strict implementation is needed by the Nigerian government so that their taxes from gambling will not be cut in halves.
But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling?
The Nigerian economy is already weak and that's why they came with the idea to tax gambling. From gambling tax they can somehow replenish their reserves as the number of gamblers in Nigeria are already a lot.I believe such move could support the government a lot and it can somehow stop those gambling addicts also who spend a lot of money and time on gambling. It's surely going to be a positive move for the economy.
They could generate income from taxes, but how would that affect the people? Taxing gambling means allowing or legalizing it, and that would result in an increase in people's interest in gambling. I think it would be better if they also limit the number of operators to ensure they can tolerate it.
We know that their economy is not good, so where are these people getting their money to gamble? When they are gambling, it could possibly result in financial struggles on their side, increasing the poverty rate. I don't know if this idea would really help or just worsen the economic problem.
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Corruption is normal in government that's why tons of teams would like to run with the politics and we know how it has a dark secret, sometimes people doesn't have an option still to vote. In my country they can easily deceived with the false promises of the politicians and now after few years they will now suffer with their decisions.
Corruption happens in many countries and the government can use the taxes from many business for their corruption. We don't knows for sure if there is no news about the corruption. That's why people are worry with the taxes apply to them because they don't see a big changes in their country because they can check how much the taxes amount.If that taxes can be used for developing their country and helps many people, they will pay the taxes without asking for anything because they know that the taxes is for their country. If Nigerian government plans to begin taxing gambling, they must be serious with their regulation and will not use that money for corrupt with other officials. People can only hopes that their government can used the taxes with right so that can gives a changes for their country and their people.
But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling?
The Nigerian economy is already weak and that's why they came with the idea to tax gambling. From gambling tax they can somehow replenish their reserves as the number of gamblers in Nigeria are already a lot.I believe such move could support the government a lot and it can somehow stop those gambling addicts also who spend a lot of money and time on gambling. It's surely going to be a positive move for the economy.
As for the taxes themselves, I'm going to address the elephant in the room, now let me hear it honestly from people from Nigeria:
- How much of your income do you pay in taxes?
If you want a country like the top 3 happiest and with best welfare, are you willing to pay nearly 60% of your income like in Denmark?
If all the elephants in the room want to address this matter and give opinions based on how they feel, this thread might go a bit further than what it's supposed to stand for.- How much of your income do you pay in taxes?
If you want a country like the top 3 happiest and with best welfare, are you willing to pay nearly 60% of your income like in Denmark?
To answer your question, I don't even know if I pay any single tax at all on my income, aside from indirectly paying tax on some purchases I make, which if I have my way to pass it, I will.
One thing about the willingness to pay tax is that it depends on what they are actually using the tax funds to do in the first place. You might still be on one end of paying tax, thinking you are being a helping hand to your economy without indirectly knowing that you are enriching the pockets of a few politicians. When there is nothing to show for it, how can the citizens be motivated to pay tax?
I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling?
It's good that they're taxing gambling as it'll help to reduce the large amount of money that the sportsbook makes. Taxes on gambling will reduced the amount of gamblers therefore the numbers of addicts are also going to reduced. The hardship of the counties also affects the economy and it isn't allowing them to make money therefore if taxing gambling will help the country to make money and help the citizens, it is a good thing that the government wants to tax gambling.
But when the government are only taxing gambling to steal money this is wrong and shouldn't be allowed to get passed onto law. Protest can start to make the government to have a rethink and come up with better things to help the economy of the country. Taxing individuals that are only gambling to look for money since the country doesn't have any good job opening for applications isn't very nice.
I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?
https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?
https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/
When we talk about the economic condition of most Nigerians, they are still experiencing economic difficulties. So of course the imposition of taxes on gambling in Nigeria is a bit controversial. Because this could make gambling more expensive and could reduce the appeal for those who gamble for fun. However, apart from that, the imposition of taxes implemented by the government can be an important source of income for Nigeria, where the money can be used to improve public services and help the country's own economy.
And with the world bank's support for this policy, this shows that there may be a broader plan regarding the use of this tax revenue for a very, very crucial development goal. But I agree with you, that the imposition of this tax could encourage more gamblers to switch to crypto platforms which are not taxed, given the nature of anonymity and looser regulations in the crypto ecosystem.
I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?
No gambler wants to pay taxes to the government after gambling. If the government decides to accept tax it will be good in one sense but it will surely negatively influence for all gamblers. I'm definitely in favor of giving tax but as a gambler I would never want to give tax to the government because the government would benefit from my profit but not help in losing. If the government can't help the gamblers personally, they can't demand the tax. And if it does, then surely those gamblers will want to know how to manage gambling without having to pay taxes to the government. And for this they can follow different ways. So instead of taking tax from individual gamblers, tax can be taken from gambling companies. If the Nigerian government imposes such a restriction on the gamblers then they will surely turn to crypto gambling, this must be considered as a positive aspect for crypto casinos. Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?
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Well, it's not news that some other countries are already paying tax on their gambling wins. If the Nigerian government also wants to adopt such a motive, I just hope it should not be a law that will be so abusive to the rights of gamblers in such a way that gamblers will be taxed even when they are losing or immediately after they deposit to a gambler account. Not just that, but also add a huge tax so that gamblers cannot even have a good profit from their winnings after tax is deducted.
If such a law is passed, then those online gamblers will switch to using just crypto casinos, maybe until crypto transactions with banks start to be taxed too. Only land-based casinos and gamblers will be more affected by the law.
Taxing gambling is not the problem but let it be done in the right way and not because of some persons selfish interest. Some countries are already taxing gambling and it is done in the right way so that it will not affect the gamblers but casinos.If such a law is passed, then those online gamblers will switch to using just crypto casinos, maybe until crypto transactions with banks start to be taxed too. Only land-based casinos and gamblers will be more affected by the law.
The truth of the matter is that, this law might not also stand for a long time before the citizens will figure out their ways to avoid the tax paying. Since there is no direct crypto to bank transactions in Nigeria apart from P2P transactions which mostly is not detected and crypto transactions by the bank, do Nigerians pay tax on their crypto dealings? I don't think so, which means there are still many ways for them to avoid this tax if it is officially enforced.
Is this a way to discourage gambling in Nigeria or another strategy by the Nigerian government to steal from her citizens through taxation. The current economic situation in Nigeria is quite pathetic, imposing tax on majority of the citizens who are gamblers and who are also poor will only be making things difficult for the people who are already paying tax on many other things in the country. Only if the gamblers in that country will be smart to evade this unwarranted tax by sticking to crypto gambling.
The gamblers need not worry as long as they can see where their taxes are going; it will only hurt if the gamblers' country is entire of corruption and they don't trust that the government will spend the cut on their bets on winnings on worthy projects.
So many countries are already taxing the gambling industry for many reasons, but the main reason is always been to generate money for the government needs, so instead of taking loans from local and international banks, they prefer to tax the gambling industry; taxes are part of our lives in a second or third world country.
The country has not been on the blogs for the right reasons lately because their leaders have not been helpful. The rate of corruption in Nigeria is very high and i believe that the revenue realised from the tax that will be imposed on gamblers will not be put to good use so gamblers will not feel the impact of the money they are losing in the name of "tax". So many countries are already taxing the gambling industry for many reasons, but the main reason is always been to generate money for the government needs, so instead of taking loans from local and international banks, they prefer to tax the gambling industry; taxes are part of our lives in a second or third world country.
The gamblers need not worry as long as they can see where their taxes are going; it will only hurt if the gamblers' country is entire of corruption and they don't trust that the government will spend the cut on their bets on winnings on worthy projects.
So many countries are already taxing the gambling industry for many reasons, but the main reason is always been to generate money for the government needs, so instead of taking loans from local and international banks, they prefer to tax the gambling industry; taxes are part of our lives in a second or third world country.
So many countries are already taxing the gambling industry for many reasons, but the main reason is always been to generate money for the government needs, so instead of taking loans from local and international banks, they prefer to tax the gambling industry; taxes are part of our lives in a second or third world country.
If it does not affect cryptocurrency gambling, then I could easily see an important percentage of the Nigerian gambling population switching to Bitcoin and alternative currencies in order for them to avoid paying those taxes. Though, it sounds weird to me the government of Nigeria would go as far as writing down such new laws and not include crypto casinos in the same way they have included FIAT based casinos.
It is likely they are going to include them, after a first phase and seeing how effective this law is for collecting taxes from FIAT gamblers.
It is very weird the World Bank would collaborate in such way with the proposal, makes me think it was an idea which was born from the beginning in that organization. Who knows ...
It is likely they are going to include them, after a first phase and seeing how effective this law is for collecting taxes from FIAT gamblers.
It is very weird the World Bank would collaborate in such way with the proposal, makes me think it was an idea which was born from the beginning in that organization. Who knows ...
I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?
https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/
it’s less about making the poor even poorer and nore about discouraging the public to ganble less.particularly in Nigeria where amidst the constant search to find incone streams people end up ganbling their whole life away, movements like this from the government are aimed at disrupting the status quo and making the whole shit turn in by itself basically. So yeah, I’m all up for this one. But they also have to introduce some way for Nigerians to really be able to reliably make money so they don’t have to end up gambling anymore. Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?
https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/
Well, it's not news that some other countries are already paying tax on their gambling wins. If the Nigerian government also wants to adopt such a motive, I just hope it should not be a law that will be so abusive to the rights of gamblers in such a way that gamblers will be taxed even when they are losing or immediately after they deposit to a gambler account. Not just that, but also add a huge tax so that gamblers cannot even have a good profit from their winnings after tax is deducted.
If such a law is passed, then those online gamblers will switch to using just crypto casinos, maybe until crypto transactions with banks start to be taxed too. Only land-based casinos and gamblers will be more affected by the law.
Taxation usually happens on gambling profit or winnings. Charges on every transaction are payment to the services as you use a certain gambling platform, but with government's involvement, it is most likely with the rewards of a gambler. If such a law is passed, then those online gamblers will switch to using just crypto casinos, maybe until crypto transactions with banks start to be taxed too. Only land-based casinos and gamblers will be more affected by the law.
I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?
https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/
I'm sorry but I think you have no idea what you are talking about. Taxation on gambling doesn't affect the user's experience with the casino. Taxation of gambling services means that casinos will have to pay more money to the government of Nigeria. More money from casinos means that the country's budget will grow and the government will be able to do some good things with it. Btw it's another task whether Nigeria is corrupt or not but in a normal democratic country, this will benefit people.Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?
https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/
In my country, it was free to withdraw from casinos but after increased taxes, players were forced to pay a 2% withdrawal fee. In the hands of good government, taxing gambling is good for society but if the government isn't good and democratic, then it will not benefit society.
To be honest, I don't think that this new law in Nigeria will affect local gambling experience and attract new gamblers on crypto platforms unless local online casinos set high withdrawal fees or increase the house edge and RTP on their games.
Well, it's not news that some other countries are already paying tax on their gambling wins. If the Nigerian government also wants to adopt such a motive, I just hope it should not be a law that will be so abusive to the rights of gamblers in such a way that gamblers will be taxed even when they are losing or immediately after they deposit to a gambler account. Not just that, but also add a huge tax so that gamblers cannot even have a good profit from their winnings after tax is deducted.
If such a law is passed, then those online gamblers will switch to using just crypto casinos, maybe until crypto transactions with banks start to be taxed too. Only land-based casinos and gamblers will be more affected by the law.
Taxing gambling is not the problem but let it be done in the right way and not because of some persons selfish interest. Some countries are already taxing gambling and it is done in the right way so that it will not affect the gamblers but casinos.If such a law is passed, then those online gamblers will switch to using just crypto casinos, maybe until crypto transactions with banks start to be taxed too. Only land-based casinos and gamblers will be more affected by the law.
It will be better that a proper inquiries on how tax go about the tax from experts and professionals is done so that the government will not abuse it. Otherwise, they will make business difficult for local casinos, and the whole thing will turn back to the government and it will not favor them, because Nigeria government is always overdoing their things because the system is corrupt and that has made the leaders incompetent in carrying out their duties.
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