Nigerian Government plans to begin taxing gambling. - page 8.

iBaba

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Quote from: SamReomo on June 25, 2024, 02:47:31 AM

The Nigerian economy is already weak and that's why they came with the idea to tax gambling. From gambling tax they can somehow replenish their reserves as the number of gamblers in Nigeria are already a lot.

I believe such move could support the government a lot and it can somehow stop those gambling addicts also who spend a lot of money and time on gambling. It's surely going to be a positive move for the economy.

It's not the Nigerian economy that is weak or bad in its own, it is the leadership of the country that is not helping matters. We live in a country where the government is not taking charge of its responsibilities thereby allowing the Socio-economic situation of the country get worsened.

We don't have major issues like the natural disasters and so on. Most of our issues are tied to ineptitude to take our responsibilities serious as a government. Even if the government decides to place taxes on gambling, that may not really impact on the economy because those funds will end up being looted and mismanaged instead of its intended purposes. Hence, the reason why I concluded that the leadership of the country is the problem not the economy per say.

hedgeh0g

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Of course, there is nothing surprising in the fact that a tax is being introduced, but the main thing is that this tax amount is adequate and reasonable for the population of Nigeria. It is always necessary to maintain a balance between a large and too small amount, because this is what will affect how this tax will be paid. For example, many will not want to pay too large a tax and will try to hide their winnings by any means. In addition, I would like the collected taxes to go to combat gambling addiction and inform the population that it can happen to anyone. I want to say that this also needs to be paid attention to.

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Quote from: Ever-young on June 24, 2024, 05:37:46 PM

Quote from: stompix on June 23, 2024, 06:59:35 AM

As for the taxes themselves, I'm going to address the elephant in the room, now let me hear it honestly from people from Nigeria:
- How much of your income do you pay in taxes?

If you want a country like the top 3 happiest and with best welfare, are you willing to pay nearly 60% of your income like in Denmark?

To answer your question, I don't even know if I pay any single tax at all on my income, aside from indirectly paying tax on some purchases I make, which if I have my way to pass it, I will.

One thing about the willingness to pay tax is that it depends on what they are actually using the tax funds to do in the first place. You might still be on one end of paying tax, thinking you are being a helping hand to your economy without indirectly knowing that you are enriching the pockets of a few politicians. When there is nothing to show for it, how can the citizens be motivated to pay tax?

Well, Taxation in Nigeria isn't like taxation in every other country, while it's easier for you to evade or avoid paying tax, it's impossible for the next person. For example those are employed by the government or high profile companies that are paid mouthwatering salaries, the government's eyes are always on them, because they know fully well that they'll be able to make something meaningful from such people, even people who manage some thriving business in the company. Most of these company or government workers have their taxes deducted from their salaries before they're even paid, so it's impossible for those people to evade taxation, whether they like it or not, they must participate in paying of tax. So it's not easy for them to totally avoid taxation just like it's easy for you to do so.

Die_empty

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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.

Doan9269

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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.

Some countries were doing this before now, but there much be a system set in place to monitor the effectively of the implementation of this idea, though the government are going to be more profitable on this, meanwhile the gamblers remains being affected because of a stipulated amount to be paid as for taxation levy, despite all these, i don't thing the government can achieve a uniformity on this because there is no regulation that binds or confined all the operating gambling platforms altogether in one place.

Lanatsa

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Quote from: Huppercase on October 03, 2024, 01:48:49 PM

Quote from: Akbarkoe on October 03, 2024, 01:33:42 PM

Gambling tax is indeed very good for the financial growth of the country, because usually a large tax fee is charged from each casino, and that is very good, but it is true that it will be very beneficial to the country if the money from gambling tax is used to facilitate the growth of infrastructure, education or other community development sectors, at least it will be useful for the community in the long run, I think agree with the taxation done by the Nigerian government for further benefits, likewise that every business needs to be charged for doing business because it is a profitable activity for a group, it is regrettable if it is not clearly regulated.

This is good for countries that make use of their tax pyers money and doesn't embezzle their money but you see this particular Nigeria, I will never been in support of taxing gamblers, the casino are already paying them taxes, they should free the players that are trying to make a living for their self even though gambling is hard, many of then are already gambling for living and proving food and shelter over their head and the government still want to take.

The Nigerian government are taxing people in and out of everything, it's no longer funny people again, the exchange rate is not even funny and there is high inflation everywhere. It's difficult to make a living for an average man, taking from risking my money to gambling is like trying to take knife to strangle ones life, they should take it easy please, we have had enough.

It is really just that too much on this case on which we know that this could really be that resulting on having that less gamblers just because of taxing out on everything. This is where their government
do really shows out that they dont mind much about their citizens as long they could extract out that tax on them on whatever they do or get involved with then this what matter the most.

Its not really that fun anymore or even that ethical on which they dont let their citizens on having at least to breath. Its true that gambling platforms or owners itself are the ones should really be taxed.
But well as a business then it will really be not be able to get out on such obligation specially that this type of business does really generate out that huge amount of revenue on which it do
simply means that they are really not do able to escape out on paying up taxes.

LDL

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

Nigerian government will soon introduce taxation to gambling.

See that taxing a gambling establishment may not have a temporary effect but has a long-lasting effect. Users will participate in gambling voluntarily and there will be no tax levied. When a tax is levied on an establishment, it is natural that the gambling establishment will impose that tax on the users, so the users will gradually remove themselves from the gambling establishment. After levying the government tax, the gamblers gradually removed themselves from the gambling and stopped visiting the gambling establishment permanently. Because any gambler not pays extra tax to go to gambling establishment to participate in gambling.

Huppercase

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Quote from: Akbarkoe on October 03, 2024, 01:33:42 PM

Gambling tax is indeed very good for the financial growth of the country, because usually a large tax fee is charged from each casino, and that is very good, but it is true that it will be very beneficial to the country if the money from gambling tax is used to facilitate the growth of infrastructure, education or other community development sectors, at least it will be useful for the community in the long run, I think agree with the taxation done by the Nigerian government for further benefits, likewise that every business needs to be charged for doing business because it is a profitable activity for a group, it is regrettable if it is not clearly regulated.

This is good for countries that make use of their tax pyers money and doesn't embezzle their money but you see this particular Nigeria, I will never been in support of taxing gamblers, the casino are already paying them taxes, they should free the players that are trying to make a living for their self even though gambling is hard, many of then are already gambling for living and proving food and shelter over their head and the government still want to take.

The Nigerian government are taxing people in and out of everything, it's no longer funny people again, the exchange rate is not even funny and there is high inflation everywhere. It's difficult to make a living for an average man, taking from risking my money to gambling is like trying to take knife to strangle ones life, they should take it easy please, we have had enough.

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Quote from: Oluwa-btc on October 03, 2024, 12:51:08 PM

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.

Looking at the new policy about gambling paying tax to the government of a truth it could be Good and also bad to the economy and the country as a whole, and one thing that got me thinking is the fact that of all the things the government have chose to collect tax on it's included that gambling will also do same which is quite unusual, so in that vein it could limits the number of gamblers to Zero whereas amount to the growth of the economy but then if the government is bent on this,the said taxed fees should go to something better that will generate a change and the betterment of the country other than their pockets.

Gambling tax is indeed very good for the financial growth of the country, because usually a large tax fee is charged from each casino, and that is very good, but it is true that it will be very beneficial to the country if the money from gambling tax is used to facilitate the growth of infrastructure, education or other community development sectors, at least it will be useful for the community in the long run, I think agree with the taxation done by the Nigerian government for further benefits, likewise that every business needs to be charged for doing business because it is a profitable activity for a group, it is regrettable if it is not clearly regulated.

SmartGold01

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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.

Sincerely judging from our economic situation I don't think imposing this law will enhanced or boost our economy because when these money are generated the so called politicians embezzled and loot the money to themselves, so if this is imposed to gamblers it's another way to create more channels to loot huge amount,like I know all those taxes being paid by companies and some individual/private sectors aren't going any where in country otherwise the inflation rate could have reduced. I think the imposing of taxation to gamblers in Nigeria is like increasing their budden without help and just as they increased minimal wages but yet that doesn't still fight against inflation instead it increased to something I don't know about.

Oluwa-btc

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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.

Looking at the new policy about gambling paying tax to the government of a truth it could be Good and also bad to the economy and the country as a whole, and one thing that got me thinking is the fact that of all the things the government have chose to collect tax on it's included that gambling will also do same which is quite unusual, so in that vein it could limits the number of gamblers to Zero whereas amount to the growth of the economy but then if the government is bent on this,the said taxed fees should go to something better that will generate a change and the betterment of the country other than their pockets.

Onyeeze

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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

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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/

This is quite funny because just a year ago There were making a move to ban gambling in Nigeria because they said it's illegal, so why are they planning to take taxes from an illegal business if that's what they called it. Well, I'm not surprised the Nigerian government has always been unstable about their decisions. But even if they do this successfully what would those taxes be used for ? Would it be used for the development of the country? I doubt it, those monies would still go to the pocket of the politicians that have no intentions of making the country better.

MarvinHagler

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This will hurt the domestic gambling industry in your country and I assume more people will start betting with crypto as a result.

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Quote from: Sithara007 on June 25, 2024, 10:29:24 AM

The most important part here is that Nigeria is legalizing gambling. Taxation is secondary.

They legalize gambling so that they can impose taxes -- a good idea from the government not just to combat illegal gambling but also to generate additional income. There is a good reason for doing this and I think casino owners are aware that this will happen.

Quote

And I would say that they are moving in the right direction. There are social vices such as prostitution, porn and gambling, which can't be controlled by government action. These activities have been around for thousands of years in human society and if governments think that they can ban them in a day or two by brining in a few bills, then they are completely wrong. I hope that India will follow this step and legalize gambling here as well.

A good government official will take a look at the welfare of everybody, not just for someone. For sure, before they implement gambling legalization, they already have plans for that specifically. Honestly, this has to be that way and this is also to stop money laundering. There is a huge money in gambling and the government takes advantage of it.

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The government of course want a piece of cake the gambling tax I just read news that "Japan on Friday approved a plan to build the country's first casino in the western city of Osaka, paving the way for a 1.08 trillion yen ($8.1 billion) resort set to open in 2029, aimed at attracting domestic and international tourist spending" https://www.reuters.com/markets/asia/japan-approves-osaka-site-countrys-first-casino-2023-04-14

Country like japan also want the gambling tax I believe because this industry been on an upward trajectory for the last few decades. In 2023, it reached a value exceeding $540 billion. according to https://europeanbusinessmagazine.com/business/how-much-is-the-global-gambling-industry-worth/

This might the reason other countries like Nigeria also has plant to begin taxing the gambling

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The most important part here is that Nigeria is legalizing gambling. Taxation is secondary. And I would say that they are moving in the right direction. There are social vices such as prostitution, porn and gambling, which can't be controlled by government action. These activities have been around for thousands of years in human society and if governments think that they can ban them in a day or two by brining in a few bills, then they are completely wrong. I hope that India will follow this step and legalize gambling here as well.

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Quote from: Baofeng on June 25, 2024, 04:39:42 AM

Quote from: SamReomo on June 25, 2024, 02:47:31 AM

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?

The Nigerian economy is already weak and that's why they came with the idea to tax gambling. From gambling tax they can somehow replenish their reserves as the number of gamblers in Nigeria are already a lot.

I believe such move could support the government a lot and it can somehow stop those gambling addicts also who spend a lot of money and time on gambling. It's surely going to be a positive move for the economy.

Not sure if it will make a difference though, unless they are going to rake like half a billion a year from gambling taxes. They are so deep in loans already and perhaps this is the reason why they want to leverage taxes on gambling.

But there is great concern about corruption, yes it's happening everywhere, but countries like Nigeria and other 3rd world countries are susceptible and so hopefully strict implementation is needed by the Nigerian government so that their taxes from gambling will not be cut in halves.

Let's not blame it all on gambling. Gambling is not the primary reason why a Nigerian country is in a poor state; there are corruption, poverty, and many more factors that make that country in that state. How can people still gamble in that country if they are poor? Okay, there are some that may be doing gambling or excessive gambling, but I'm sure gambling is not the root cause of that country's misery. Nigeria is a country known for its corrupt government, and the government itself is not that good in terms of managing the country, so what do you expect, right? And I'm sure even if they put a tax on gambling or casinos, it is not enough for them to stop those who want to gamble because the only ones that will be taxed are casino owners, and if the government sets too high a tax, then expect those casinos to fall apart, and if there are no businesses around, then the economy will suffer.

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Quote from: SamReomo on June 25, 2024, 02:47:31 AM

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?

The Nigerian economy is already weak and that's why they came with the idea to tax gambling. From gambling tax they can somehow replenish their reserves as the number of gamblers in Nigeria are already a lot.

I believe such move could support the government a lot and it can somehow stop those gambling addicts also who spend a lot of money and time on gambling. It's surely going to be a positive move for the economy.

Not sure if it will make a difference though, unless they are going to rake like half a billion a year from gambling taxes. They are so deep in loans already and perhaps this is the reason why they want to leverage taxes on gambling.

But there is great concern about corruption, yes it's happening everywhere, but countries like Nigeria and other 3rd world countries are susceptible and so hopefully strict implementation is needed by the Nigerian government so that their taxes from gambling will not be cut in halves.

Questat

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Quote from: SamReomo on June 25, 2024, 02:47:31 AM

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?

The Nigerian economy is already weak and that's why they came with the idea to tax gambling. From gambling tax they can somehow replenish their reserves as the number of gamblers in Nigeria are already a lot.

I believe such move could support the government a lot and it can somehow stop those gambling addicts also who spend a lot of money and time on gambling. It's surely going to be a positive move for the economy.

They could generate income from taxes, but how would that affect the people? Taxing gambling means allowing or legalizing it, and that would result in an increase in people's interest in gambling. I think it would be better if they also limit the number of operators to ensure they can tolerate it.

We know that their economy is not good, so where are these people getting their money to gamble? When they are gambling, it could possibly result in financial struggles on their side, increasing the poverty rate. I don't know if this idea would really help or just worsen the economic problem.

Topic: Nigerian Government plans to begin taxing gambling. - page 8. (Read 2188 times)