As Cross River State continues to create and enhance a conducive environment for businesses to thrive in the State, the Cross River Internal Revenue Service has strategically engaged with Pools and Betting Stakeholders to boost revenue generation through voluntary tax compliance.
The engagement also served as a platform for Stakeholders to discuss the Cross River State Gaming Laws and Regulations, the impacts of the bill before the State House of Assembly, the Supreme court's ruling on the National Lottery Act, tax harmonization and the modalities for seamless revenue collection in the industry.
Reports have it that the gambling industry's worth in Nigeria is currently valued between ₦500bn and ₦600bn, with over 60 million Nigerians placing bets daily.
The Executive Chairman, Cross River Internal Revenue Service, Prince Edwin Okon PhD, who was represented by the Director, High Net-worth Individuals & Digital Economy, Mr. Okpo Ojah during a meeting with Stakeholders in the gambling industry in Calabar, said that for the IRS and its Stakeholders to be ready to tap into the expanding robust industry, strong synergy is essential in ensuring tax obligations are clear, attainable, considering the economic climes through consistent engagement and effective communication.
Stakeholders in the gambling industry operating in the State unanimously agreed to collaborate with CRIRS to ensure voluntary tax compliance and a workable framework for transparency and mitigation of non-compliance.
Also present at the meeting were Senior Directors of the Service, Representatives of the Cross River State Lottery and Gaming Agency, Gaming Operators and Agents, amongst others.
