Lagos Enforces Tax On Betting Gains
Sponsored Ads
The Lagos State Government has directed licensed betting firms to begin deducting five per cent from players’ winnings before payment.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The order takes effect immediately and applies to all regulated gaming operators in the state.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The instruction, issued by the Lagos State Lotteries and Gaming Authority and signed by its chief executive, Are Bashir, confirms that the deduction will be made at the point of payout.
RELATED STORIES
Related Posts
The money will be remitted to the Lagos State Internal Revenue Service as withholding tax.
Under the new rule, bettors will no longer receive the full value of their winnings.
Operators are required to remove five per cent from qualifying earnings and keep proper records, while the deducted sum will count as a tax credit for the player.
Officials say the move is part of efforts to tighten tax compliance and improve oversight in the growing gaming sector.
The directive also requires players to provide their National Identification Number in line with identity verification rules, with all companies expected to comply without delay.
Comments are closed.