Philippines Department of Finance considers gambling tax amnesty
The story comes as the Philippines continues to look at how to grapple with its online gaming market.
Key points:
– Philippine Finance Secretary Ralph Recto spoke on a potential tax program for online gaming in the Philippines
– He suggested higher fees to be paid to PAGCOR as one solution
Developments regarding online gaming laws in the Philippines continue, with Finance Secretary Ralph Recto stating that the Department of Finance is considering implementing a General Tax Amnesty program, alongside additional regulation, for online gaming in the nation.
The move follows reports from the day prior that the Philippine Senate will be leading an inquiry into the impact of online gaming on citizens.
It is, in part, led by Committee Chair Sen. Erwin Tulfo, who along with the Catholic Bishops’ Conference of the Philippines, wants to see a full ban on online gaming in the Philippines.
Recto explained that, while there are currently no new tax proposals, refined measures “are awaiting enactment.”
He specified that a General Tax Amnesty and Online Gambling Tax law would not be the same as the bill vetoed by Congress and that it would, hopefully, be passed by the end of the year.
“But we’ll have to have it approved yet with the President or in the Cabinet,” he said.
Good to know: Other financial bodies in the Philippines, particularly the Bangko Sentral ng Pilipinas, have also begun implementing frameworks to limit online gaming harms
Recto also spoke of Philippine President Ferdinand Marcos Jr’s attempts to resolve the issue, as well as the work being done by regulatory bodies like the Philippine Amusement and Gaming Corporation (PAGCOR).
He suggested a raise in PAGCOR fees and charges for online gaming as a way to tackle the issue, saying: “I’d say today if the rate is 30%, is it possible to bring that up to 35, 40, so on and so forth. But we’ll consult with PAGCOR on that as well because they will have to implement it.”
He also agreed with the suggestion that Government-owned and controlled corporations should not be allowed to invest in online gaming.
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