Imagine that! The National Lotteries Control Board (NLCB) wanted to tax people’s winnings unlawfully.
The Board, in a boldfaced advertisement, advised that from July 30, a ten percent tax on winnings over $1,000 will be taken away.
But wait, after all that, the Board found out their plans were stalled as the law was not yet in place.
The Board was hoping to snatch away nearly $2 million in tax from last Wednesday’s lotto winner. But the winner still has time to cash his/her $19 million.
Now, the Board says it will be refunding all players who had been subject to the Lottery Tax because the tax is not yet legal.
In a media release on Friday, the NLCB said while the lottery winnings tax was provided for in Act No. 15 of 2017 (The Finance (Miscellaneous Provisions) Act), the date for the operationalization of the Tax has not yet been proclaimed by the President.
Until that happens, the NLCB will revert to its old standard.
The tax had been initially applied to all winnings over $1000 as of July 30, but the NLCB said it will refund players affected.
Below is the media release.