The Federal Inland Revenue Service (FIRS) and the National Lottery Regulatory Commission (NLRC) have started processes to automate the collection of Value Added Tax (VAT) in the lottery and gaming businesses in Nigeria.
Naija News understands that the executive chairman of FIRS, Tunde Fowler, who made this known at an interactive session with operators of lottery businesses in Lagos yesterday said the automation of collection of VAT from all betting placements is a lawful way of raising the country’s revenue profile to enable the government function optimally, head/communications and SERVICOM department at FIRS, Wahab Gbadamosi said in a statement.
Fowler said the FIRS in partnership with relevant stakeholders had earlier automated VAT collection in some other sectors such as Aviation and stated that the successes recorded in those sectors would be replicated in the Lottery Industry.
“Tax has to do with the law. What we are doing is to find a way to make tax collection seamless, convenient and efficient. We are automating VAT across various industries in the country. What we are doing with the gaming industry is not strange. This automation is not intended to harm the industries, rather it is meant to improve the lives of everyone because VAT revenue is shared among the three tiers of government and it is used to provide social amenities and make life better for everyone. So, at the end, all of us win”, Fowler said.
The director-general of the NLRC, Lanre Gbajabiamila noted that the automation of VAT collection in the lottery businesses is a well thought out initiative which would work seamlessly.
Naija News: Dear Readers/Advertisers We Have Moved!
Dear readers, Naija News – Nigeria’s leading online newspaper platform – has moved its head office to, Ikoyi, Lagos State,...
Vacancies: Naija News Is Hiring A Business/Sports Writer [Apply Here]
There is an opportunity to fill the position of an experienced business and sports content creator/writer at Naija News. Business...