Tax on offshore gaming revenues a ‘good idea,’ says finance chief – ABS-CBN News

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Finance Secretary Carlos Dominguez speaks to reporters in this file photograph. Dominguez claimed a 5-% tax on offshore gaming firms’ revenues is a “great strategy.”Alfred Frias, Malacanang Photograph/file

MANILA — A 5-% tax on income of offshore gaming firms and their services vendors is a “excellent notion,” Finance Secretary Carlos Dominguez mentioned.

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The finance main was questioned to comment on the proposed franchise tax on POGOs or Philippine Offshore Gaming Operations by Albay Rep. Joey Salceda, according to Dominguez’s business, which released his statement on Tuesday.

“Of course, I have not noticed the exact proposal, but in typical, indeed. I feel that’s a great thought. But they are now spending a charge. A cost for that,” Dominguez was quoted as expressing in a new interview with reporters.

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He was referring to an present franchise tax that is diverse from Salceda’s proposal.

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The government so significantly gathered P1.sixty three billion in withholding taxes from POGOs from January to August, the Section of Finance explained, citing Bureau of Inside Profits info.

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These on-line gaming corporations paid P175 million in withholding taxes in 2017 and P579 million in 2018, the DOF stated.

POGO, Philippine Offshore Gaming Operations, tax, Department of Finance, Carlos Dominguez

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