Nigerian Government plans to begin taxing gambling. - page 12.

Gozie51

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Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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?

I don't think there is relationship between difficult times, poverty and gambling because gambling is by choice and not force. If a gambler doesn't want to be taxed then he should equally stay away from gambling. I believe that the tax will be as income tax then when you don't win you probably won't be taxed and if you win then you can let go of certain amount as tax. So if the economy is hard and government is making taxing on food then it is a wrong move but if it is on gambling and profit made from tax, the gambler has a choice not to gamble.

Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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.

How will they go into depression? No I don't think so. Whether you are gambling for fun or not, the taxing shouldn't be on your bet money but on your winning money as like income tax and it won't take someone who won from gambling anything thing much to remit some part as tax for government to provide good governance and social amenities for the people.

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Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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?

This is no news to me, the government has increased the tax in definitely every sector of the economy without first increasing the standards of living of the citizens, vehicles now have a lot of new and heavy taxation, there's police clearance now, proof of ownership now expires every year, banking has additional fees per transaction and all of those, so gambling tax is nothing new to me. If those taxes can be added in basic living requirements, then recreational activities wouldn't be left out

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Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?

I like this line, that's what we are all here for, promoting the use of crypto, especially bitcoin over fiat and getting our freedom from the government, if this would be the only repercussion of this move, then it's not a bad Idea, but sadly, there would be more. Land based casinos and gamblers may be more on the receiving end.

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Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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/

Good for the government? Obviously it's good for the government to gain from something like that. Especially when their citizens play casinos online, because all the money that their citizens lose on that doesn't circulate inside the country or stimulate their own economy. And with taxes from winnings they eventually get some of that money back. It's good for the country in the long run, like all taxation, if Nigeria indeed spends their tax money in a way that's helping the country.

But i totally understand why some people see this as government stealing from them, especially when it's a new thing or if they don't agree how taxes should be spend by government.

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Quote from: Odohu on June 22, 2024, 02:42:00 AM

The moment he implements this gambling tax, so many physical shops will close because people will simply use online gambling sites that accept cryptocurrency.

I have no idea about how physical shops work in that country. But if online gambling is easier for them to access and offers better winning chances and experiences, then most likely, they will just shift to online gambling. However, physical casinos can easily be taxed since they operate within the country. If people turn to online casinos, how can the government tax these online casinos? For example, people there might access popular online casinos like Metawin and Stake.

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Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?

The only people that would they ask affected are those who who bet on sports using the local bet website. And it is not clear if this taxation would be on gambling winning because from what I read some time this week if You're gambling winning is up to about five million naira you would have to pay tax on it. As for asking if it would encourage more gamblers to use crypto betting platforms I don't think we would see a big shift the reason is that in Nigeria cryptocurrency save more as a store of value rather than as a means of transaction.

Odohu

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Tinubu is really looking to feed from anywhere he sees tjat the youths are actively engaged in making money. He is done with cryptocurrency with work done equal to zero, now he is about to face gambling and I'm sure he will not achieve anything too. Instead of improving the economy and ease of doing business in Nigeria, his policies are simply killing businesses and all he does is tax the hell out of the people. I know so many people that run gambling business, rent and cost of electricity is frustrating them, many have already closed.

The moment he implements this gambling tax, so many physical shops will close because people will simply use online gambling sites that accept cryptocurrency.

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Quote from: Mr.right85 on June 21, 2024, 06:55:02 PM

Now, it specifically highlighted on-line gambling. Something I don’t seem to understand here though is that, how would this apply? Is it on the gamblers themselves as per wins or the gambling site?
Because, you having to tax gambling wins, what do you do about there losses?

That's what I've been trying to understand. Who will they impose the tax on. Is it on the gambler or on the gambling site. Because I was wondering how much tax they would impose on every winning, like say like 100$ avoid or below will have different tax rate. I don't actually buy this idea as it would reduce the rate at which people use gambling services in the country. The current Nigerian economy has made most of its citizens fund any means to make a living. Gambling is one good money earned in Nigeria and a lot of young people have moved into gambling as a source of income. Imposing tax on thing that the people are trying to manage to survive, would not help cyb any problems but instead give more reason for the economical hardship.

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Quote from: yahoo62278 on June 22, 2024, 02:14:15 AM

Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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/

Don't gamble if you don't want to pay taxes. Seems easy enough right? If the taxes are going to help the economy I would be all for it, but since I am not from Nigeria I have no idea if the government is legit or corrupt. Most countries IMO have corrupt governments and are lining their pockets with certain taxes.

That's the thing because there are news that Nigeria is one corrupted country as per this index, (no offense to our Nigerian brothers here)

https://www.transparency.org/en/cpi/2023/index/nga

And what's up with countries right now putting taxes on gambling? And lucky are those gamblers who's government is very friendly and they only tax the land base casino itself and not the gamblers per se.

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Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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/

Don't gamble if you don't want to pay taxes. Seems easy enough right? If the taxes are going to help the economy I would be all for it, but since I am not from Nigeria I have no idea if the government is legit or corrupt. Most countries IMO have corrupt governments and are lining their pockets with certain taxes.

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Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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.

Just as you rightly highlighted gambling tax is not strange in many countries, many gamblers pay high taxes for wins. There are also countries where gamblers are not taxed because gambling is seen as mainly a form of entertainment. Nigerian gamblers will have to keep enduring the hardship brought by the anti-people policies of the current administration. Gambling is not the only form of entertainment so people who gamble for fun will have to seek other ways to entertain themselves.

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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/

The World Bank recommended these taxes so that the government will be able to raise enough revenue to service the loans they are receiving. Taking a loan from the World Bank is not a bad idea, but the problem with Nigeria is that most of these funds will be stolen by politicians and their cronies. While the people will be subjected to harsh economic policies to repay the loans.

The government of Nigeria is already clamping down on crypto-related businesses in Nigeria. Many exchanges have been banned from operating. Crypto gambling is a good option to invade these new taxes. But I am afraid that converting crypto wins to fiat might become a problem.

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Quote from: danherbias07 on June 21, 2024, 10:38:33 PM

Well, putting a tax on gambling is a double-edged sword. It could ruin the gambling industry in your place but it could also enhance the economy of your country. As you said, this ain't new to other countries which means it is working so I don't think there's much to worry about. But the people of your country must also look at where the money will go. The taxed money.
Make sure that it is not going directly to the pockets of the government agencies who will be handling the tax money and follow the trail if they will use it for the better of your country.
Here in our city, we can feel where the money is going. We have a brand new city hall which gives ease to all the people. New road lights and many projects in the streets like widening of the road.
A lot of money will be incoming to the government from the gambling tax so be aware of where the funds will go.

Not really ruining anything I think. Whatever governments will do, gamblers will always be gamblers. If they have to pay a tax to get their fix, so be it.
When they introduces the tax (5% for every bet) in Germany there was also basically no change at all in the amount of bets made. They implemented that in 2012, such a long time ago already, I feel like I am getting old.
In the beginning it really was so annoying but at some point it just became normal. Glad though I don't live there anymore so I don't have to pay that nonsense whenever I choose to make a bet.

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If they do what happened in Europe in 2012 or so, they're going to fuck up the business. For starters, people in many European countries stopped being able to bet at .com bookmakers and bookmakers had to be created for each country with regulations. In addition, at the beginning, for example in Spain you were taxed on the winnings of each bet but you could not deduct the losses, so it was not uncommon that if you had deposited and lost in the total of the year for example €1,000, you owed 10,000 or more to the tax authorities (because there were many times that you bet with small amounts and won throughout the year, even if in the end you lost all of them). This fudge was soon corrected because otherwise they would have totally wiped out the industry, but there were a few high-profile cases of people owing the taxman a lot of money.

I hope the same thing doesn't happen in this case.

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Taxes on gambling are actually not a bad thing, because perhaps the government sees that the gambling industry in their country is increasing and by imposing taxes it will make them earn income and at the same time also regulate gambling and reduce people's interest in gambling. Because let's be honest, if the lives of many people are getting more difficult, why do they gamble? because gambling can be something that makes their lives more difficult, and the aim of the Nigerian government to impose a tax on gambling is the right step towards this problem.

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Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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/

That is the way all governments are. The like to nibble at an idea of taxation on everything they are capable to reach. Gambling industry belongs to such entities that operate under government approval thus the latter is virtually in position to do everything it wants. The bailout plan for gambling would be (in my view) transformation into blockchain based entity which is sanctioned by pure software rather than government.

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Quote from: Nrcewker on June 22, 2024, 01:15:31 AM

If the gamblers choose a decentralized gambling platform, then definitely they can be saved from paying these unnecessary taxes. Sadly, the gamblers of physical casinos will have to face the consequences of the new tax laws. But this is also good in a way that now they will be forced to use these cypto gambling sites. Many countries already have the taxes implied, while there are also many countries where gambling is banned.

It is not just about physical casinos but about gambling in Nigeria, be it land based or online.

It is true that crypto mask a lot in gambling but I have not seen any decentralized gambling site before. Most of the gambling sites that accept cryptocurrencies are not decentralized but centralized. Also the web3 casinos are centralized to an extent which makes it not to be decentralized.

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Quote from: Mr.right85 on June 21, 2024, 06:55:02 PM

Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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.

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

I thought gambling platforms are already a tax paying industry so, what are they really talking about here, a pay raise or something. Also, I don’t recall these guys not collecting VAT on my credit card recharges while using the telecoms.

I share your thoughts too, whether gambling companies were not paying taxes before now, or whether this new law is aimed at increasing their tax payments. Perhaps they've not been collecting taxes from gamblers wins and they want to start doing so now. Taxations are necessary evils so if they want to collect it and the money is used judiciously to better the economy then it's good and gamblers should just accept it.

The rate at which bet companies are springing up in the country and their agents are opening shops in every nook and cranny is making the numbers of gamblers to increase everyday. I believe that this will be one of the reasons why the government wants to be cashing in on their wins.

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Quote from: Stepstowealth on June 21, 2024, 06:41:18 PM

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 don't get it, so the Nigerian government take a huge loan from World Bank amounting to billions or dollars just to implement reforms on their taxation? Not to be a hater, but this seems to be a backward mentality.

I mean why you need to take out that loan in order to make reforms by taxing not just for online gambling, but alcohol, and smoking and even adding VAT to the population? And they have implement this reforms without relying to World Bank for the money, in my opinion.

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If the gamblers choose a decentralized gambling platform, then definitely they can be saved from paying these unnecessary taxes. Sadly, the gamblers of physical casinos will have to face the consequences of the new tax laws. But this is also good in a way that now they will be forced to use these cypto gambling sites. Many countries already have the taxes implied, while there are also many countries where gambling is banned. But thanks to crypto gambling, it is possible to gamble without another person knowing about it.

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Quote from: Casdinyard on June 21, 2024, 06:47:30 PM

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.

I think you have not expressed yourself well and that is why I have crossed out the word that I think is unnecessary in your sentence, which is understood by the context. I doubt very much that the government has that kindly aim that you point out, rather what it wants is to collect and that's all. There is no end to the voracity of governments to steal from taxpayers in countless ways.

Quote from: _act_ on June 22, 2024, 12:46:50 AM

Nigeria was better before when there was less taxes. This is another way to increase the tax and not that the Nigerian government are just introducing taxes in gambling.

If you win big, the Nigerian government will know and you must pay tax.

It is always better when there are fewer taxes. There has to be a minimum of them to provide basic services, but after that, it's all political spending.

_act_

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Nigeria is taxing gambling winnings:

Quote from: https://punchng.com/nigerias-betting-rules-taxes/

Taxes on winnings from betting in Nigeria?

All winnings from bets placed in Nigeria are subject to tax. So, if you win big, make sure to set aside some money for taxes.

Any income earned from gambling activities is subject to general income tax laws. This means that if you are considered a professional gambler, your winnings may be subject to income tax.

Nigeria was better before when there was less taxes. This is another way to increase the tax and not that the Nigerian government are just introducing taxes in gambling.

If you win big, the Nigerian government will know and you must pay tax.

Topic: Nigerian Government plans to begin taxing gambling. - page 12. (Read 2271 times)