Stakeholders Decry FIRS Plan to Commence VAT Collection on Gambling and Lottery games

Stakeholders Decry FIRS Plan to Commence VAT Collection on Gambling and Lottery games

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has disclosed the agency’s plans to charge Value Added Tax (VAT) on gaming activities, as well as automate VAT collection from lottery operators in Nigeria. A value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain.