The Federal Inland Revenue Service (FIRS) and the National Lottery Regulatory Commission (NLRC) have commenced the process to automate the collection of Value Added Tax (VAT) on lottery and gaming businesses in Nigeria.
FIRS said that the agreement was sealed between the Executive Chairman of FIRS, Babatunde Fowler and operators of lottery businesses in Lagos on Monday.
It quoted Fowler as saying that the automation of collection of VAT from all betting placements was a lawful way of raising the country’s revenue profile to enable the government function optimally.
Fowler explained that the addition of five per cent VAT would not discourage lottery businesses but would rather strengthen them.
(NAN)