TAT issues VAT ruling on casino revenue and others

Tourist Company of Nigeria Plc (TCN) engages in the gaming and hospitality business including the operation of a casino, in Nigeria. The FIRS assessed TCN to N88m in unpaid VAT (inclusive of penalties and interests) for the 2016 year of assessment (YOA).

TCN objected to this assessment and proceeded to the Tax Appeal Tribunal (TAT). The assessment was driven by VAT on imported services (including cost recharges from third-party foreign service providers), services from local vendors, and casino revenue.

Culled from PwC Nigeria: Tax alerts

Please what is the outcome?

The court made reference to Visafone vs FIRS stating that, unlike some other countries, the rules concerning casino and betting are stated out.
 The ruling states that there are some complexities around what they want to be exempted from the vat in their industry.

Another issue is the base on which the VAT  is applied. Applying VAT on the total bets received fewer winnings paid out has no logic to it as netting off does not result in the balance becoming a consideration for services. The decision also did not anticipate complexities that may arise on winnings paid back, especially where winnings exceed bets placed.
Other countries including Kenya and South  Africa, have specific rules for taxing (not necessarily VAT) betting income. This can be considered in Nigeria, taking into account its peculiarities and the recent expansion of the industry.
Their final take was,  businesses need to conservatively reassess their risk of exposure to penalties and interest from tax defaults, considering the TAT ruling that these apply from the date the taxes became due.

Thanks for your prompt response

You are welcome

while leaving out the ones that you may not want to use.  ModTrainers

At the live table, however, players are given wide latitude in the time allowed to make a difficult decision in no-limit holdem. It is not unheard of for players to apologize for taking too much time when making tough choices. 검증업체

I admire the commitment to providing entertainment that adheres to copyright laws. csgo gambling site

Users can access historical data and past results to analyze trends and make data-driven predictions. 메이저 토토사이트

Seek advice from experienced players for valuable insights and tips. satta matka