Lagos enforces 5% withholding tax on gaming winnings
By Olasunkanmi Akoni The Lagos State Government has announced the enforcement of a five per cent withholding tax on gaming payouts, directing licensed betting companies across the state to begin immediate automatic deductions from customers’ winnings. The Chief Executive Officer of the Lagos State Lotteries and Gaming Authority, Mr. Are Bashir, issued the directive in a public notice to licensed gaming platforms, confirming the immediate commencement of the tax regime targeting winnings generated through regulated betting operators. According to the notice released on Friday, the state has begun implementing a 5% Withholding Tax (WHT) deduction on gaming winnings in line with applicable Nigerian tax laws and regulatory directives governing the gaming industry. The deduction will apply directly to players’ earnings before payment is made. The notice clarified that the tax applies to net winnings from licensed gaming platforms operating within Lagos State and will be deducted at th...