EXPERTS NIGERIA Gamblers to pay tax, as FIRS commences on-the-spot deductions 7 months ago Samuel Post Views: 236 The Federal Inland Revenue Service (FIRS) has disclosed the commencement of tax deductions at online betting transaction sites. This was announced on Wednesday in Abuja by Mr. Johannes Wojuola, the Special Assistant on Media and Communication to Executive Chairman of FIRS, Malam Muhammad Nami. According to him, the Sentinal National Payment Gateway and Electronic Solution is used by the FIRS to levy and collect tax. A transaction processing system called the Sentinal National Payment Gateway enables integrated payment service providers to withhold taxes at the time of the transaction and send them right away to the government’s treasury. “The deployment of Sentinal National Payment Gateway will simplify tax compliance for companies engaged in online betting activities.” – Wojuola quoted Nami as saying. He asked providers of online gambling services to establish connections to the Gateway by December 31. Although it was not essential, according to Nami, companies providing online gaming services from outside of Nigeria had to link to the Gateway because of current tax rules. “This is for the purposes of deducting taxes from the gaming transactions of players in Nigeria, and remitting same directly to government’s purse.” – he said. The FIRS boss stressed that Nigeria needed to innovate and harness technology for improved revenue generation from e-commerce as well as for accountability. “The world is entering a challenging time where there is a strong obligation on governments to increase tax revenue as a percentage of GDP. This is to provide much-needed funding for local infrastructure and public services. Nigeria needs to innovate and harness technology to ensure that online transactions are taxed and accounted for. We have been very impressed with the Sentinal platform which allows us to collect tax revenues at source and also provides us with tax reporting and monitoring tools in real time. The system will also integrate with our own TaxPro Max portal” – said Malam Muhammad Nami. A 2019 report by Research and Markets valued the Nigerian sports betting industry at $2 billion and growing; this must have prompted the FIRS’ decision to tap into the sector as a means of generating revenue needed to grow the economy. About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: Nigeria, online gambling, tax Continue Reading Previous How Cryptocurrency is changing South Africa’s online gambling sceneNext IAGR 2023 heading to Botswana More Stories EXPERTS KENYA Kenya Kwanza MPs To Defend Ruto’s Fiscal Reform Agenda 3 days ago Samuel EXPERTS GHANA Convenient Payment Methods for Ghanaian Online Casino Enthusiasts 3 days ago Szarlot BETTING NIGERIA Broda Shaggi and Tobi Bakre sign endorsement deal with BetKing 5 days ago Szarlot EXPERTS SOUTH AFRICA Animal Welfare Organisations Celebrate Resumption of Lottery Funding 5 days ago Szarlot NIGERIA ONLINE How Big is the Crypto Gambling Industry in Nigeria? 6 days ago Szarlot EXPERTS KENYA MOA opposed to 15pc excise duty on alcohol, gambling ads 6 days ago Szarlot BETTING NIGERIA Nigerian betting market valued at $2 b, 60 m people bet daily 6 days ago Samuel EXPERTS WORLD NEWS How has the gaming industry changed in 2023? 7 days ago Iwo Bulski EXPERTS UGANDA Online gambling firms accused of exploiting lucrative African markets 7 days ago Samuel BETTING NIGERIA KingMakers goes live with EveryMatrix CasinoEngine 1 week ago Szarlot EXPERTS KENYA IMF staff agree to expand credit for cash-strapped Kenya by $1 bn 2 weeks ago Iwo Bulski EXPERTS RWANDA dLocal secures payment service licence for Kenya and Rwanda 2 weeks ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.