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The Philippines authorities have approved a new 5% tax on the gaming revenues of Philippine Offshore Gaming Operators (POGOs).
The House Committee on Ways and Means passed the measure which sees POGOs classified as resident corporations and therefore subject to an additional 5% franchise tax on top of current tax and fees.
PAGCOR currently collects a 2% franchise tax from licensed offshore operators, generating around Php8 billion in revenue each year, but the 5% tax is expected to push that figure to Php20 billion.
The new measure also allows for all foreign employees of POGOs earning Php600,000 (US$11,850) or more to be taxed 25% on their wages and other allowances, potentially pushing the government’s annual revenue from the POGO industry north of Php45 billion.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Philippines Approves New 5% Tax on Gaming Revenues of POGOs
