Gambling Turnover Tax
the Promoter of a lottery must pay fifteen per cent (15%) of the gross proceeds to the Commissioner within 7 days of the drawing date. The Promoter is required to obtain a permit number from the District Commissioner’s Office by completing an application form. Details to be shown on the form include the promoter’s Taxpayer Identification Number (TIN).
What happens if the tax is not paid?
When the application is processed, the promoter’s TIN is flagged for follow up action. This will prevent the release of any refunds due to the Promoter. If the lottery is cancelled for some reason, approval from the District Commissioner’s office to be obtained and given to FRCS to cancel the permit number.