Law On Taxes On Gambling In The Philippines
The lower chamber of philippines adopted the law establishing taxes on companies engaged in gambling online games, in order to replenish government revenues after a pandemic covid-19.
The bill can allow the country to receive up to 144 billion pesos ($ 3 billion) in taxes.
Since gambling is prohibited in mainland china, philippine offshore gambling operators (pogo) offer online rates to customers in the territory, despite the attempts of the chinese government to ban these firms.
In the bill, it is proposed that license holders on offshore gambling paid 5 percent tax on gross gaming arrivals and income. It also has 25 percent tax on the gross annual income of thousands of foreign company employees. In order for the bill to become a law, he still must go to the upper chamber and get the signature of president rodrigo dubert.
Meanwhile, the two-bearet conference committee of the congress of the philippines approved the latest version of the country’s bill to combat money laundering, which may affect the operations pogo.