The Philippines hopes to generate more revenue to help finances recover following the impact of the Covid-19 pandemic.
The Philippines.- The Philippines’ lower chamber has passed a bill imposing taxes on online gambling firms in a bid to replenish state revenues after the Covid-19 pandemic.
The bill could allow the country to bring in up to 144bn pesos (US$3bn) in taxes.
Since gambling is banned in mainland China, Philippine offshore gambling operators (POGOs) offer online betting to customers in the territory, in spite of attempts by the Chinese government to ban the firms.
The bill proposes that offshore gambling licence holders pay a 5 per cent tax on gross gaming receipts and revenues.
It would also impose a 25 per cent tax on gross annual income on the firms’ thousands of foreign employees.
In order to be signed into law, the bill still needs to pass in the upper chamber and receive the signature of President Rodrigo Duterte.