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

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Quote from: LUCKMCFLY on October 05, 2024, 10:34:31 AM

Quote from: Nwada001 on October 03, 2024, 05:33:23 PM

If the crypto casino is regulated, they can also still be affected since the majority of the popular casinos are fully regulated.

There is a possibility that they can be asked by their license providers to provide the deposit, winnings, and withdrawal details of their citizens who gamble there, which they can still tax from there. Unless the casino is not regulated, only then can we be rest assured that it's completely free from taxation.

Well in part everything that is about Regulations with respect to crypto and casinos is not having privacy or animation ever again, people at this point should see that it is increasingly difficult for them to do an Activity without a government Monitoring it , it calls my attention that in Nigeria they do this type of things, of course it is something that should not be, at least I do not agree with that, but you have to accept that since the KYC became Mandatory for everyone in the world , this was already coming, I have Always wanted to go to Nigeria , and if I go I will not hesitate to be in a casino , you Always have to know anything that is necessary.

I agree with you that today's regulated casinos will definitely not have Privacy, if we force ourselves about Privacy of course it will be useless with the current situation, except maybe casinos that are decentralized and do not have a head office as their service operations.
The existence of KYC is indeed this kind of thing is certainly a thing that is not strange and it is likely that in the future it will be much stricter to talk about casinos, but even so everything that is done is definitely positive for both users and the government in talking about fair and controlled casinos and reducing crime.

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Quote from: Gheka on October 05, 2024, 06:59:23 AM

The important thing is that in the US, such taxes are being used to make useful contributions to society. The taxes can be called very high, but then the people will receive other better services in return, while in countries like Nigeria, and even in many other countries, this tax money is not intended to fill the treasury to serve the people, it fills the pockets of some corrupt classes. Besides, the governments of these countries are relatively strict and do not create much space for casino owners, it feels like they do not prioritize the gambling industry as a service that should develop when the national financial system does not depend on this industry.

That's where the problem lay and it has even been a thing if concern to citizens too that if such tax is being passed, the government will not still do anything good to improve the state of some sport or gambling activities in the country but rather the money will just go for their selfish interest.

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Quote from: Nwada001 on October 03, 2024, 05:33:23 PM

If the crypto casino is regulated, they can also still be affected since the majority of the popular casinos are fully regulated.

There is a possibility that they can be asked by their license providers to provide the deposit, winnings, and withdrawal details of their citizens who gamble there, which they can still tax from there. Unless the casino is not regulated, only then can we be rest assured that it's completely free from taxation.

Well in part everything that is about Regulations with respect to crypto and casinos is not having privacy or animation ever again, people at this point should see that it is increasingly difficult for them to do an Activity without a government Monitoring it , it calls my attention that in Nigeria they do this type of things, of course it is something that should not be, at least I do not agree with that, but you have to accept that since the KYC became Mandatory for everyone in the world , this was already coming, I have Always wanted to go to Nigeria , and if I go I will not hesitate to be in a casino , you Always have to know anything that is necessary.

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Quote from: blockman on October 05, 2024, 05:33:27 AM

Quote from: freedomgo on October 04, 2024, 04:24:13 PM

Quote from: blockman on October 04, 2024, 03:38:44 PM

Yeah, it's a huge jackpot and life changing win. And also, another condition is that whoever made that raffle says that it is tax-free then it is going to be tax free. It's either exempted from the taxes or they're the ones that are going to be obliged paying the taxes. So, on top of the jackpot money, if they'll be paying it then that's a lot of money on them to pay for.

I believe it’s a withholding tax, where the government makes sure they get their cut, so your net winnings are what’s left after the tax deduction. It used to be tax-free, but now it seems the government is eager to grab a bigger share of people's money. Personally, I wouldn’t mind being taxed on a lottery win rather than not winning at all --after all, the odds of winning the lottery are nearly impossible, almost like throwing money down the drain.

Yeah, I'll take the prize money as well and wouldn't mind have it taxed at all. Even in the US, there are taxes that they need to deduct as per winning prize money.
That's why they're used to say about 'after-taxes' prize money and that's because taxation bureau there is very strict and if there are violators, they'll be fine with bigger amounts.

The important thing is that in the US, such taxes are being used to make useful contributions to society. The taxes can be called very high, but then the people will receive other better services in return, while in countries like Nigeria, and even in many other countries, this tax money is not intended to fill the treasury to serve the people, it fills the pockets of some corrupt classes. Besides, the governments of these countries are relatively strict and do not create much space for casino owners, it feels like they do not prioritize the gambling industry as a service that should develop when the national financial system does not depend on this industry.

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Quote from: avp2306 on June 22, 2024, 06:22:05 AM

Quote from: Samlucky O on June 22, 2024, 05:52:36 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?

The government doesn't care if the masses are suffering or not, all what they decide they do without considering the effect it will cause on people. For me actually Its not good to impose tax on an economy like Nigeria for now. Economic inflation and bad government is making things difficult for the citizens, so imposing tax on gambling is another way of making things more difficult and it will Leed to depression and reduce the number of Gamblers. Although from my research there are some countries that has a higher percentage in tax which is paid by the casino agent and also from the Gamblers. I also find out that some countries if you chose gambling as your mean of business or profession, then you will pay tax while those that gamble for fun or don't play regularly will not be taxed. If only they can apply that method then it will be fair enough than taxing everybody.

But we know how heavy the implication it could possibly bring to their citizen especially if they didn't done any gambling education programs to educate their citizens towards the risk of gambling and possibly make them aware of gambling addiction effects to their selves.

The government is not doing any program to educate the citizens on risk involved in gambling or the risk of addiction associated with gambling. All what they are after is the money they will get from it. Anything they do is for their selfish interest.

Quote from: avp2306 on June 22, 2024, 06:22:05 AM

I think there's some part that corruption play on why they decide to do that. So lets do hope that people are aware on each decision done by their government then see if what they do is contributing somethings especially for the growth of their country. But if nothing happen then I guess only those corrupt officials are benefiting for what taxation they do and let those people burn in fire on the implication brought by what they allowed to operate in their country.

Government is contributing nothing for the economy or for anybody, all what I know is that anything they do in regards to help the economic growths is of no use to the economy. All they do is pose themselves of being good leaders they all are doing those things for their shellfish interest.

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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 am not very surprised by this news. Governments of all countries strive to fill their state budgets and increase the tax burden in general.

At the same time, if corruption is highly developed in the state, then it is very profitable for government officials to introduce new objects of taxation. After all, part of this money (collected from the population in the form of taxes) will end up in the wallets of government officials through cunning corruption schemes. Therefore, taxes are increasing in almost all countries of the world.

From a PR point of view, it is easier to introduce taxes on gambling than any other taxes, since many citizens perceive gambling as something superfluous, and sometimes even unnecessary for people.

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Judging from the feedback from Nigerians who are with us on the forum, life in Nigeria can hardly be called happy. People, out of desperation and unemployment, are forced to play in casinos to somehow earn money for their families, but their corrupt government seems to want to completely strangle the people, inventing more and more harsh taxes. I read that there is no cash in the country; just as it cannot be withdrawn from banks, now people also have to pay taxes on gambling sites. It is not surprising that many risk their lives and immigrate to other countries, hoping to give themselves and their families a better way of life.

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Quote from: freedomgo on October 04, 2024, 04:24:13 PM

Quote from: blockman on October 04, 2024, 03:38:44 PM

Yeah, it's a huge jackpot and life changing win. And also, another condition is that whoever made that raffle says that it is tax-free then it is going to be tax free. It's either exempted from the taxes or they're the ones that are going to be obliged paying the taxes. So, on top of the jackpot money, if they'll be paying it then that's a lot of money on them to pay for.

I believe it’s a withholding tax, where the government makes sure they get their cut, so your net winnings are what’s left after the tax deduction. It used to be tax-free, but now it seems the government is eager to grab a bigger share of people's money. Personally, I wouldn’t mind being taxed on a lottery win rather than not winning at all --after all, the odds of winning the lottery are nearly impossible, almost like throwing money down the drain.

Yeah, I'll take the prize money as well and wouldn't mind have it taxed at all. Even in the US, there are taxes that they need to deduct as per winning prize money.
That's why they're used to say about 'after-taxes' prize money and that's because taxation bureau there is very strict and if there are violators, they'll be fine with bigger amounts.

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Quote from: michellee on October 05, 2024, 04:45:42 AM

Maybe in some areas of Nigeria will have a place that legalize gambling so people will go to that place to playing gambling. That can accomodate people who like playing gambling without worry if police will catch them.

The country can also benefit from the gambling legalize because casino and gamblers require to pay the taxes. But that will need to be discuss with all element on that country.

Gambling is already legal in Nigeria, which is why there are so many operators and people actively gambling. The issue is that it's not properly regulated, and the government hasn't been effective in monitoring it to prevent gambling from negatively impacting people's lives. Sure, they’re making money from taxes, but if gambling operations lead to financial struggles for the public, then it’s not worth allowing widespread gambling ---especially if it's run by a responsible government.

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Quote from: danherbias07 on October 05, 2024, 04:54:48 AM

Quote from: Hewlet on October 05, 2024, 02:56:57 AM

Quote from: Woodie on October 05, 2024, 01:20:56 AM

Unless you say gambling is a positive industry then tax is bad Tongue

but we all know this is done in the best interest of the people!!!

I will refute this assumption that it is to the best interest of the citizens. The government has never shown that all the policies they've ever implemented is for the best interest of the citizens. We all know the bad side of gambling and how that it's possible to get addicted to it. We know the population of active gamblers that are almost relying on gambling as the source of thier income. What's possibly the main reason why people are gambling more? Isn't it because most of them are unemployed and are just finding a simple way of earning money? If they are interested in helping the citizens, then what they should have thought of doing should be to provide job and opportunities for them so the citizens can gamble less and not trying to task citizens when at the end, we can't even ascertain what the task payers money is being used for. Taxing gamblers is not a big deal if only the proceeds from the taxed money is used for the right cause but as long as that's not the case, it's not reasonable to task gamblers at all.

Yeah, I will agree with that. There are times you will not even feel that those gambling tax goes to the people, not even the other sin tax. Cigarettes, alcohol, and other things are taxed way higher than other things.

Thankfully, here in our local, I felt the tax that was taken from the newly built cockpit that has now running for two years. We now have a better road and lighted every 5 meters. Street lights are also built and more establishments are popping out for the betterment of the people. But it's just our local so I don't really know if the national is doing something with all that money that coming in from gambling taxes.
That's the problem, there's no transparency about where the money is going.

That is already a given fact, and even if they build a better road, we really don't know if they are using 100% of that tax, as most of the times, roads that have been build might not last that good, and given like just 2 years life span and then you have to construct it again as the materials that have been used is not solid and maybe majority of the taxes goes to the pockets of corrupt politicians. And just like you said, there is no transparency, maybe there are politicians that want to served the public, however, we can't discount the fact that there is a bad egg amongst this elected officials.

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Quote from: Hewlet on October 05, 2024, 02:56:57 AM

Quote from: Woodie on October 05, 2024, 01:20:56 AM

Unless you say gambling is a positive industry then tax is bad Tongue

but we all know this is done in the best interest of the people!!!

I will refute this assumption that it is to the best interest of the citizens. The government has never shown that all the policies they've ever implemented is for the best interest of the citizens. We all know the bad side of gambling and how that it's possible to get addicted to it. We know the population of active gamblers that are almost relying on gambling as the source of thier income. What's possibly the main reason why people are gambling more? Isn't it because most of them are unemployed and are just finding a simple way of earning money? If they are interested in helping the citizens, then what they should have thought of doing should be to provide job and opportunities for them so the citizens can gamble less and not trying to task citizens when at the end, we can't even ascertain what the task payers money is being used for. Taxing gamblers is not a big deal if only the proceeds from the taxed money is used for the right cause but as long as that's not the case, it's not reasonable to task gamblers at all.

Yeah, I will agree with that. There are times you will not even feel that those gambling tax goes to the people, not even the other sin tax. Cigarettes, alcohol, and other things are taxed way higher than other things.

Thankfully, here in our local, I felt the tax that was taken from the newly built cockpit that has now running for two years. We now have a better road and lighted every 5 meters. Street lights are also built and more establishments are popping out for the betterment of the people. But it's just our local so I don't really know if the national is doing something with all that money that coming in from gambling taxes.
That's the problem, there's no transparency about where the money is going.

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Quote from: retreat on October 05, 2024, 03:11:54 AM

Quote from: TelolettOm on October 04, 2024, 06:30:59 PM

-snip-

But, does that mean that gambling there is legal and protected by the government? What I mean is when they apply tax to gambling, it means they should provide protection or laws to protect gamblers and also regulations for casinos more clearly, right?

It should be, but some time ago in the northern part of Nigeria the police cracked down on many gambling dens because they thought it was against sharia law, where most of the people in that part are Muslim. So maybe there are some areas that implement sharia law where they are quite anti-gambling, maybe in those areas you can't operate/play gambling since they have exclusive laws.

It is normal to see many gambling dens cracked down by the police especially if in that area many Muslim lived there. But when gambling is legal, police will not do something except just watch from far unless there is a crime happen.

Maybe in some areas of Nigeria will have a place that legalize gambling so people will go to that place to playing gambling. That can accomodate people who like playing gambling without worry if police will catch them.

The country can also benefit from the gambling legalize because casino and gamblers require to pay the taxes. But that will need to be discuss with all element on that country.

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Quote from: junder on October 04, 2024, 08:08:51 PM

Quote from: ethereumhunter on October 04, 2024, 03:26:02 AM

Quote from: junder on October 03, 2024, 11:41:50 PM

I think when there is gambling that has been officially legalized in the country there must be a tax payment that applies, but in my opinion this is more on the casino itself which is responsible for paying its taxes, with players who visit I think they should not be closer to depression because I think the responsibility for gambling tax is the casino's obligation not the player. But I think if gambling in Nigeria was legalized, was there no option to impose taxes before? This cannot ensure that they will gamble more on the crypto platform, because generally we all have our own thoughts and interests, but maybe when they know the difference then there will be a choice that is made too. It is difficult to get certainty, he explained. In addition, the imposition of taxes is not a new thing, because I think it is impossible in one country that there are no taxes imposed on companies or others.

Yeah, the tax will be implement soon gambling officially legalized because the government will see that many people involved to gambling and will placing their bet every days. Some people will win much money so that can be a good amount of tax that the winner should pay. The casino should pay their taxes, same as the winner because the money can be transfer to their bank account and they bank will identify that money is come from the casino. But if they used crypto to playing gambling, maybe that will need more regulation so the country will still get the tax. Hopefully, the tax is not too high for the winner because that can reduce their win money

That's right, when gambling is legalized, more and more people will gamble because I think in every country there must be people who are interested and attracted to gambling, even in countries that do not allow gambling, there must be those who gamble secretly, whether it's physical or online gambling. Of course, when gambling is legalized, there must be physical casinos that will be established and that will certainly invite many people to visit, so the government will make the casinos have to pay taxes because there are clear benefits.
I myself don't think the bank will find out where the money that comes into our account comes from if the amount is still reasonable and not too large, but when the money that comes in is an unreasonable amount, the bank might take further action. That's natural, but I don't think the bank will tell the account holder to pay his taxes, personally I have never experienced anything like that.

Isn't it true that when a gambling casino is regulated, there is automatically a tax that the government will collect there? Why? Are the players who gamble in a regulated casino online
exempt from being taxed by a government where it is registered?

Also, if their government implements that, there is nothing that the gamblers who gamble or love online casinos can really do.
Then it's still a choice of individual online gamblers, actually.

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Quote from: Ultegra134 on October 05, 2024, 01:12:26 AM

Quote from: Nwada001 on October 03, 2024, 05:33:23 PM

If the crypto casino is regulated, they can also still be affected since the majority of the popular casinos are fully regulated.

There is a possibility that they can be asked by their license providers to provide the deposit, winnings, and withdrawal details of their citizens who gamble there, which they can still tax from there. Unless the casino is not regulated, only then can we be rest assured that it's completely free from taxation.

You do have a point but I'm not quite sure about that. Most cryptocurrency casinos are licensed in countries that are tax evasion paradises, such as Cayman Islands or Curacao and usually avoiding many regulations countries have put in place. From my point of view, I don't think it's possible to start providing the government with details solely regarding Nigerian users for example, that we're discussing in this topic, as it seems too time consuming and restrictive. On the other hand, it would be easier to simply prohibit Nigerian users from signing up, due to regulatory issues with their government.

The government needs that data as their reference and database to see how they are doing gambling fairly and responsibly, apart from that it is also possible to refer to how much tax should be paid, maybe it will be annual, I think all the average tax-tax arrangements are the same in making regulations, only the percentage will make the difference.
This may take a long time, but casinos that report must have financial flows every year or even quarter and it doesn't have to wait long, it depends on how the government designs the regulation process, and even if it takes a long time I don't think it's a problem in this case.

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Quote from: TelolettOm on October 04, 2024, 06:30:59 PM

-snip-

But, does that mean that gambling there is legal and protected by the government? What I mean is when they apply tax to gambling, it means they should provide protection or laws to protect gamblers and also regulations for casinos more clearly, right?

It should be, but some time ago in the northern part of Nigeria the police cracked down on many gambling dens because they thought it was against sharia law, where most of the people in that part are Muslim. So maybe there are some areas that implement sharia law where they are quite anti-gambling, maybe in those areas you can't operate/play gambling since they have exclusive laws.

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Quote from: Woodie on October 05, 2024, 01:20:56 AM

Unless you say gambling is a positive industry then tax is bad Tongue

but we all know this is done in the best interest of the people!!!

I will refute this assumption that it is to the best interest of the citizens. The government has never shown that all the policies they've ever implemented is for the best interest of the citizens. We all know the bad side of gambling and how that it's possible to get addicted to it. We know the population of active gamblers that are almost relying on gambling as the source of thier income. What's possibly the main reason why people are gambling more? Isn't it because most of them are unemployed and are just finding a simple way of earning money? If they are interested in helping the citizens, then what they should have thought of doing should be to provide job and opportunities for them so the citizens can gamble less and not trying to task citizens when at the end, we can't even ascertain what the task payers money is being used for. Taxing gamblers is not a big deal if only the proceeds from the taxed money is used for the right cause but as long as that's not the case, it's not reasonable to task gamblers at all.

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Governments do not raise or impose taxes on an industry from a good life. So there is a budget shortfall in Nigeria. It is not known what percentage of tax payments will be used for the intended purpose, because the level of corruption in Nigeria is quite high, but sooner or later any government comes to the need to regulate one or another area and gambling is no exception. Whether the government will protect the interests of both gambling platforms and gamblers is a big question.

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I have read something like this too, I didn't really pay much attention to it though, but right now all I can say is that the Nigerian government only think of themselves. Most youth or even people who are engaged in gambling today are into it because of lack of employment opportunities and it not as if this tax will bring employment opportunities or even make the country better.

Rather I will even suggest Nigerian government should focus more on taxing betting companies, but taxing individuals on their winnings will just be too bad for them. When you go to bet shops and see how people gamble just to earn a living in Nigeria then you will know that this country is really hard and the economy is very poor. Imagine having to work hard to be able to get money to gamble and after winning you are still ask to pay tax that just really bad.

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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.

Usually when taxation comes into the picture, it's not always about revenue collection as perceived... sometimes this is done as a way to discourage the citizens from preoccupying themselves with a gambling mindset that negatively affects their productivity.

So basically this is the governments way of protecting it's human resource because citizens must come first.

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?

Unless you say gambling is a positive industry then tax is bad Tongue

but we all know this is done in the best interest of the people!!!

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Quote from: Nwada001 on October 03, 2024, 05:33:23 PM

If the crypto casino is regulated, they can also still be affected since the majority of the popular casinos are fully regulated.

There is a possibility that they can be asked by their license providers to provide the deposit, winnings, and withdrawal details of their citizens who gamble there, which they can still tax from there. Unless the casino is not regulated, only then can we be rest assured that it's completely free from taxation.

You do have a point but I'm not quite sure about that. Most cryptocurrency casinos are licensed in countries that are tax evasion paradises, such as Cayman Islands or Curacao and usually avoiding many regulations countries have put in place. From my point of view, I don't think it's possible to start providing the government with details solely regarding Nigerian users for example, that we're discussing in this topic, as it seems too time consuming and restrictive. On the other hand, it would be easier to simply prohibit Nigerian users from signing up, due to regulatory issues with their government.

Topic: Nigerian Government plans to begin taxing gambling. - page 5. (Read 2188 times)