Nigerian Government plans to begin taxing gambling. - page 7.

Yaunfitda

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Quote from: gunhell16 on October 04, 2024, 03:28:02 AM

Here in our country, the lottery business, when someone gets a jackpot price, automatically when the winning amount is taken from the office itself, 12% tax will be deducted immediately.
Today, in regulated gambling online casinos or physical casinos, there are probably taxes that are taken from the owners of this gambling.

But for gamblers in the casino, I don't know if there is a tax, but from what I can see, it doesn't seem to be there yet, so if they implement it, it will be a bit heavy on the part of the gamblers.

As far as experienced goes, I do not think that gamblers are being tax when they won big, they got the full prize and get out of the casinos with that money, like it they gamble on a land base casinos. And most likely it will be the same for online gambling as well.

So with that, it is the casino itself that pays taxes and not the winners unless it is lottery as this is a state sponsored gambling and with that, you really have to pay high taxes, even in the US. It we are going to talk about taxes, I agree that the government should put at least a decent amount and hopefully that taxes will be put into good use.

gunhell16

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Here in our country, the lottery business, when someone gets a jackpot price, automatically when the winning amount is taken from the office itself, 12% tax will be deducted immediately.
Today, in regulated gambling online casinos or physical casinos, there are probably taxes that are taken from the owners of this gambling.

But for gamblers in the casino, I don't know if there is a tax, but from what I can see, it doesn't seem to be there yet, so if they implement it, it will be a bit heavy on the part of the gamblers.

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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

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Quote from: $weetne$$ on October 04, 2024, 01:24:27 AM

Quote from: Zigabel on October 03, 2024, 04:53:24 PM

I don't know why some societies have agreed adopting such policies, it will be better if they say they are tasking the casino and not the gamblers who are looking to make money and have fun, it's supposed to fun not an occupation that happens to be taxable. I don't really buy the idea of them doing such, because it's an all round loss for the gambler in a situation where they are loosing but may be workable when they are winning which actually doesn't sound fair enough.

I think gambling has been legalized in Nigeria and the casino has been the ones getting all the taxes for a very long time now. Maybe the revenue that the government are making from the taxes are not enough for them anymore therefore they are now looking for more ways that they can make money and they consider the gamblers to be the next option. Gamblers do make profits and in many countries, you are to pay taxes on any profits you make. Therefore I do no see it as a problem if Nigerians that are gambling and making profits are being asked to pay taxes on their profits. When you are running a business and you make profits, you have to pay taxes and the governments are seeing betting as a business because many people are now making it their business that they invest into.

I'm not sure if taxes are not enough, I mean if they are getting taxes then for sure it will be huge as we all know that gambling is a business. That is if we are talking about the legal ones. But if we are talking about those illegal bet shop, then that's where the problem lies.

Obviously, they don't like to pay taxes and sometimes there are a fight in the bet house itself as we have read some several members who is from Nigeria. From what I research it's 7% tax lottery tax. So that is huge already, but perhaps they really wanted to create more taxes from gambling to sort of make the Nigerians not to play anymore.

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Quote from: Zigabel on October 03, 2024, 04:53:24 PM

I don't know why some societies have agreed adopting such policies, it will be better if they say they are tasking the casino and not the gamblers who are looking to make money and have fun, it's supposed to fun not an occupation that happens to be taxable. I don't really buy the idea of them doing such, because it's an all round loss for the gambler in a situation where they are loosing but may be workable when they are winning which actually doesn't sound fair enough.

I think gambling has been legalized in Nigeria and the casino has been the ones getting all the taxes for a very long time now. Maybe the revenue that the government are making from the taxes are not enough for them anymore therefore they are now looking for more ways that they can make money and they consider the gamblers to be the next option. Gamblers do make profits and in many countries, you are to pay taxes on any profits you make. Therefore I do no see it as a problem if Nigerians that are gambling and making profits are being asked to pay taxes on their profits. When you are running a business and you make profits, you have to pay taxes and the governments are seeing betting as a business because many people are now making it their business that they invest into.

junder

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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.

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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? 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.

If they are really in financial trouble, where do they get the money to gamble? And if they have money to gamble for fun then it shows they have enough money to pay taxes.

I would be against this idea if people there were really struggling economically and the government wanted to increase taxes on daily necessities. But for games like gambling, taxation is acceptable because only people with good finances and money gamble. Because as we all know, gambling is where we spend money for entertainment and fun, not where we make money to change our lives.

Quote from: tbct_mt2 on October 03, 2024, 09:42:47 PM

It is how a corrupted government want to do, and to make lives of their citizens harder, not easier and better.

Most of gamblers lose money in gambling and basically tax is for income tax and capital gain tax. If a gambler lost money in gambling and gets poorer, how will Nigeria government tax him?

I don't read details about this taxation program but basically it's not logic and unreasonable to tax on a loser. If Nigeria government don't take capital gain/ loss into account for taxation, they are seriously wrong.

Why don't you think the other way around? The government taxes gambling because they want people who are struggling economically to limit gambling or stay away from gambling and focus on making money. Because as you said, most people will lose money gambling and losing money is not beneficial to the poor when that money is not used for daily needs.

Is gambling and gambling addiction really good for poor people? Answer honestly.

tbct_mt2

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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?

It is how a corrupted government want to do, and to make lives of their citizens harder, not easier and better.

Most of gamblers lose money in gambling and basically tax is for income tax and capital gain tax. If a gambler lost money in gambling and gets poorer, how will Nigeria government tax him?

I don't read details about this taxation program but basically it's not logic and unreasonable to tax on a loser. If Nigeria government don't take capital gain/ loss into account for taxation, they are seriously wrong.

Julien_Olynpic

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Taxes in the gambling industry are normal. Most countries with a gambling industry have taxes. Very few countries do not, such as Australia. However, what matters here is the reasonableness of tax laws and regulations. Indeed, it has already been pointed out that introducing taxes on winnings can make life difficult for those who play for fun. In addition, sometimes taxes are levied on games, not on winnings. In fact, you can play a lot of games, lose, but you will be forced to pay taxes on your loss. The poor quality of tax systems in the gambling industry is a pressing issue in many countries.

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

Quote from: Ultegra134 on October 03, 2024, 04:31:27 PM

Governments cannot track cryptocurrency casinos, they can perhaps block them with the excuse of them not being licensed, which is what happens when you're trying to access in quite a few of them here in Greece. Domestic casinos automatically deduct a part of your winnings as taxes, the same will also happen in Nigeria or any other country it's implemented. Cryptocurrency casinos won't be affected, thus, neither will the majority of users, as I'm guessing the majority of people here wre using cryptocurrency casinos and not the local ones.

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.

That right, every country that legalizes gambling and provides freedom of access to online gambling sites must prioritize gambling sites that have been officially registered or licensed so that there will always be taxes requested at certain times and I think this is reasonable thing.
But I still really can't accept when there is deduction from every gambler winnings or it can be said as winning tax because gamblers can't really make profit and always receive fees from every deposit or withdrawal so that winning tax is not something that is worth doing.
Gambling provides more losses and winnings are just small return on all the losses that have occurred, taxes should be charged to the casino or gambling site itself and not ask for portion of the profits from the gamblers winnings.
But yes, people there must be able to accept it because those are the rules and regulations related to taxation in gambling in country, and that then no one will really be able to avoid it.

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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.

I don't know how this tax will be levied, but I believe that the smartest way would be to charge it on betting sites or on people who make the most profit from gambling.

Charging a tax on all the money bet, even if there is no return for the player, is quite controversial.

I see that this type of tax could be valid in countries with a good economic situation, where the objective is to discourage people from spending so much time gambling, which can certainly ruin people's lives and also a country's if it is not well controlled.

It is important that these laws are quite comprehensive and not limited to local sites or physical casinos, as people would certainly flee to illegal casinos or sites hosted outside Nigeria. So, in addition to repressing gambling among people who play legally, the main problem would not be solved.

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Quote from: Docnaster on October 03, 2024, 05:12:37 PM

Quote from: HelliumZ on October 03, 2024, 04:12:45 PM

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?

It's not like the government will tax gambling and that won't affect domestic gambling establishments. Rather, the gamblers who participate in gambling here will be under extra pressure to deposit or withdraw. Gamblers don't want the government to know the amount of their bets and impose additional taxes on their amount. That is why they will refrain themselves from participating in domestic gambling establishments.

You don't expect local gamblers in Nigeria to accept paying tax whenever they gamble if there's a means where they can still gamble online without paying same taxation fee. If the Nigerian government succeeds to implement tax on gambling, it'll affect local gambling companies because majority of their customers will start gambling through online gambling platforms. The economy of Nigeria is falling apart at the moment and implementing new policies that'll further cripple the economy isn't what Nigeria government should be doing at the moment.

Don't know how they can fully implement this taxation plan knowing that there's online casino exist which be out of their control. For sure this will be one of the option of gamblers want to avoid paying taxes.

Maybe for local gambling platforms they can implement this and for sure they can get a lot of money from those businesses. But at least they have this plan and they know that its hard for them to stop this activity so instead of banning it they take advantage to regulate and earn extra revenue from gambling platforms or to people who participate in this activity.

Lets see what will happen if there's something good to happen to people and to their economy with this plan they want to implement.

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Quote from: Ultegra134 on October 03, 2024, 04:31:27 PM

Governments cannot track cryptocurrency casinos, they can perhaps block them with the excuse of them not being licensed, which is what happens when you're trying to access in quite a few of them here in Greece. Domestic casinos automatically deduct a part of your winnings as taxes, the same will also happen in Nigeria or any other country it's implemented. Cryptocurrency casinos won't be affected, thus, neither will the majority of users, as I'm guessing the majority of people here wre using cryptocurrency casinos and not the local ones.

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.

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Quote from: HelliumZ on October 03, 2024, 04:12:45 PM

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?

It's not like the government will tax gambling and that won't affect domestic gambling establishments. Rather, the gamblers who participate in gambling here will be under extra pressure to deposit or withdraw. Gamblers don't want the government to know the amount of their bets and impose additional taxes on their amount. That is why they will refrain themselves from participating in domestic gambling establishments.

You don't expect local gamblers in Nigeria to accept paying tax whenever they gamble if there's a means where they can still gamble online without paying same taxation fee. If the Nigerian government succeeds to implement tax on gambling, it'll affect local gambling companies because majority of their customers will start gambling through online gambling platforms. The economy of Nigeria is falling apart at the moment and implementing new policies that'll further cripple the economy isn't what Nigeria government should be doing at the moment.

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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 know why some societies have agreed adopting such policies, it will be better if they say they are tasking the casino and not the gamblers who are looking to make money and have fun, it's supposed to fun not an occupation that happens to be taxable. I don't really buy the idea of them doing such, because it's an all round loss for the gambler in a situation where they are loosing but may be workable when they are winning which actually doesn't sound fair enough.

Ultegra134

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Quote from: HelliumZ on October 03, 2024, 04:12:45 PM

It's not like the government will tax gambling and that won't affect domestic gambling establishments. Rather, the gamblers who participate in gambling here will be under extra pressure to deposit or withdraw. Gamblers don't want the government to know the amount of their bets and impose additional taxes on their amount. That is why they will refrain themselves from participating in domestic gambling establishments.

Governments cannot track cryptocurrency casinos, they can perhaps block them with the excuse of them not being licensed, which is what happens when you're trying to access in quite a few of them here in Greece. Domestic casinos automatically deduct a part of your winnings as taxes, the same will also happen in Nigeria or any other country it's implemented. Cryptocurrency casinos won't be affected, thus, neither will the majority of users, as I'm guessing the majority of people here wre using cryptocurrency casinos and not the local ones.

HelliumZ

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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?

It's not like the government will tax gambling and that won't affect domestic gambling establishments. Rather, the gamblers who participate in gambling here will be under extra pressure to deposit or withdraw. Gamblers don't want the government to know the amount of their bets and impose additional taxes on their amount. That is why they will refrain themselves from participating in domestic gambling establishments.

DiMarxist

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As you said, many are gambling for fun then those who are gambling for fun should not both for the because they will not be affected. And gambling tax is not asked in the depositing to.e but it is asked when you are withdrawing. The casino will cut the percentage when withdrawing and that is when the tax is collected. So if the gambler is for fun he has nothing to lose.
But for those gamblers who are gambling to win and withdraw will pay the tax. And I think Nigerian government has been collecting tax from gambling since the onset and that was why they allow the gambling websites to exist in the country. And I have seen gamblers taken some of the casinos to court because withdrawal and payment issues. So I don't see this as a new thing.

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Quote from: Die_empty on October 03, 2024, 02:16:55 PM

Quote from: Onyeeze on October 03, 2024, 12:32:32 PM

In other countries their tax already exists, Nigeria is only country I have seen that doesn't require tax in anything you establish in the country, if the will be tax is good but let the course of living in the country be low as other countries that take tax for their citizens things is being affordable, countries like United state of America and United Kingdom, this two countries always deals with tax and their government always be interested on tax for any average business you establish, I have not seen anything wrong for Nigerian government to start taking tax from gamblers or gambling websites

I thought casinos collect tax from gamblers and remit them to the government. However, gambling tax is not new in most countries because gamblers are required to pay tax. But it will be unfair for the government to target tax on wins without considering the losses. It will be fair for gamblers to deduct their total losses over a given period from their wins before paying taxes. Businesses are expected to pay tax based on the profit and not from capital. So if the government want to collect tax, it shouldn't be for just wins.

It is painful when taxes are not used for the development of the country. Most times, corrupt government officials end up diverting this revenue to private pockets. Instead of using it to better the lives of the people, it will be used to acquire personal properties and live in luxury. I don't support this tax because it will not benefit the common man.

government doesn't want to know if you're making lose or making profits in your gambling platform, the thing they consider mostly is their monthly tax levie you pay to their account, you can make your research to know if those countries that take tax from gambling platform neither they consider the loss experience they platform observed or not, so provided that you have agreed to establish your business and the terms and conditions of the country you most pay tax, for development or utilisation of tax levies in a country, its something that's left for the leaders of the country, actually tax is one of the internal generated revenue of a country

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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?

Gambling is a choice and you could argue that it is a poor choice for people at the lowest end of the economic spectrum. If you have little money to start, then the last thing you should be doing is gambling it away on a game that is statistically tilted to pay off the casino day after day. Just because you get lucky once or twice, does not make it a profitable past time. For people with money, they can gamble for fun and know full well that they have a tiny chance of a bigger pay off than when they started. On that basis, it would seem like a good thing that they tax winnings because those taxes can contribute to things like infrastructure or Doctors to help everyone.

Topic: Nigerian Government plans to begin taxing gambling. - page 7. (Read 2188 times)