PAGCOR to lose tax incentive?

PAGCOR to lose tax incentive?

By site_editor

Gambling Insider (July 11 2018) and other media report that The Philippine Amusement and Gaming Corporation (PAGCOR) may be at risk of losing its tax exemptions. This is because of a tax reform bill which is under review.

It seems that the Philippine Government is considering removing the “in lieu of all taxes” incentive. This clause is employed by many businesses -  including PAGCOR.

At the moment PAGCOR pays 30% corporate income tax and 5% franchise tax on its gross gaming revenue under section 13 of the 1869 Presidential Decree.

The new bill would reduce the corporate income tax from 30% to 25% which would lead to a loss in revenue for the government, one way to account for this is the removal of the “in lieu” tax incentive which according to the Philippine Star "will impact 51 incentive provisions and affect quite a number of industries and businesses”.

 

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