Posted By: | November 27, 2020 |

‘E Fit Be You Oh!’ -Tax Treatment of Prize Winnings

Promotion lotteries and prize winnings have become a recurring decimal in Nigeria, assuming increasing significance as part of marketing/brand visibility strategy of competitive businesses. Winning comes in various shapes and sizes, creative proponents would have us believing that there is something new under the sun, hence new promotions emerge by the day with their own unique propositions. Customers will always be attracted by the prospects of ‘easy’ winnings. Whilst the packaging and marketing of promotions has itself become an industry, this piece addresses the related tax issues, which are often taken for granted.

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