New Bill to Tax Online Gambling Firms Passes in the Philippines
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New bill to introduce taxes on online gambling firms in the Philippines passed on Monday. Online gambling has become a big hit in many countries including the Philippine. China made a call to ban such activities in 2019 but President Rodrigo Duterte rejected it.
New Bill to Tax Online Gambling Firms in the Philippines has been approved on the third and final reading. It would generate PHP144 billion in taxes. The bill has yet to be voted in Upper Chamber. Both Chambers will have to approve the bill before seeking President Duterte’s signature. Offshore gambling license holders would have a 5% tax on gross gaming receipts and revenues from other services, and an additional 25% on foreign POGO employees' income. Service providers would be subject to regular corporate income and applicable local taxes as well. Online gaming firms paid PHP19 billion to the Philippine gambling regulator, PAGCOR, between 2016 and 2019 but failed to pay US$1.7 billion.
