Connect with us

Hi, what are you looking for?

Economy

House passes POGO tax bill on 3rd reading

THE House of Representatives approved on third and final reading a measure taxing foreigners involved in Philippine Offshore Gaming Operators (POGOs).

In plenary session Monday, the House voted 198-13 with two abstentions on House Bill 5777, which seeks to amend the National Internal Revenue Code of 1997.

If enacted, the bill will add foreign nationals employed by POGOs to Section 25 of the National Internal Revenue Code which lists the types of nonresident foreign individuals subject to tax.

“An alien individual regardless of residency and who is employed and assigned in the Philippines… by an offshore gaming licensee or its service provider… shall pay a final withholding tax of twenty-five percent (25%) on their gross income,” according to the bill.

The bill was sponsored by the House Committee on Ways and Means Chairman Jose Maria Clemente S. Salceda. Last month, Mr. Salceda estimated that the measure, which also adjusts the excise tax on the industry, will generate additional revenue of nearly P150 billion if it becomes law.

The bill calls for a 5% excise tax on gross gaming revenue or receipts from POGOs’ gaming operations and other related activities.

Explaining his negative vote, Minority Leader Joseph Stephen S. Paduano said the bill included provisions that were not debated during past plenary sessions.

Mr. Paduano added, “Further, Special Economic Zones with their own Charter like Aurora, Zamboanga and Cagayan already have a Tax Provision in their Charters. They should have been excluded from the coverage of this proposed revenue measure.” — Gillian M. Cortez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global plastic pollution treaty, weeks...

Economy

By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded its growth forecast for the Philippines for this year and 2023, citing an “accommodative”...

Economy

THE PHILIPPINE auto industry’s sales recovery will likely be derailed if a measure reimposing excise taxes on pickup trucks is signed into law, according...

Economy

THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected to...

Economy

THE ASIAN Development Bank (ADB) is planning to allocate at least $14 billion for a program aimed at easing a food crisis in the...

Investing

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.