Nigerian Government plans to begin taxing gambling. - page 5.

Dave1

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Quote from: Stepstowealth on June 21, 2024, 07:41:18 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.

Nrcewker

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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.

Poker Player

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Quote from: Casdinyard on June 21, 2024, 07:47:30 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, 01:46:50 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.

Maslate

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I guess it's better this way, as people will still gamble, but in an illegal way. When it's legal, the government can benefit from the winning bets (if they'll tax them) and the casino operators. I just hope that the government's oversight functions are effective in this matter. As we all know, Nigeria is a struggling country, and they cannot allow this action to lead to more poverty problems.

It seems like they are finding additional sources to pay their big loans amounting to billion. Hopefully the plan will work out.

Quote

The loan consists of $1.5 billion for Nigeria’s reforms for economic stabilisation to enable transformation (RESET) development policy financing program (DPF) and $750 million for Nigeria’s accelerating resource mobilisation reforms (ARMOR) program-for-results (PforR).

source

Wexnident

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Quote from: Stepstowealth on June 21, 2024, 07:41:18 PM

~

If they were experiencing difficulties, they wouldn't be gambling in the first place lol. Pretty sure this is just a move so that A, the governments can profit off of gambling, B, to dissuade people from gambling and C, so that they can profit off of gambling, and yes, I said that twice. Idrk how big gambling is in Nigeria but considering that they finally implemented tax, I reckon it's grown to a pretty big level, I guess the tax was inevitable at some point.

And in crypto casinos case, don't you naturally have to report wins there as gambling profits anyway when you report your taxes? I don't think it'd matter much whether it be crypto casinos or just their own local ones.

Eternad

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Tax is vital for the government to help your economy improved. This new law will surely help your economy to boost since your government will gain extra income and at the same time limit the people on gambling so that they can de more productive things like work force.

It’s very rare for a government to let gambling industry untaxed for a long time while it generates huge profit in the majority of countries since it’s people favorite to do when they have money due to profit potential.

Here in Philippines, Casino industry contributes huge income for our GDP since overseas casino POGO operates here with tons of whale players. This law will help you personally to reduced your gambling expenses.

danherbias07

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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.

Mr.right85

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Quote from: Stepstowealth on June 21, 2024, 07:41:18 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 have gone over the link provided and it isn’t only gambling that was said here although, for the point of emphasis and to stay on course as per the board of the forum we are, we would have to discuss it as it affects gambling.

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?

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.

Casdinyard

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Quote from: Stepstowealth on June 21, 2024, 07:41:18 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/

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.

Stepstowealth

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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/

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