not only winning bets<\/a><\/strong><\/em> as has previously been the case.<\/p>\n\n\n\n The franchise tax will be charged on gross bets or turnovers or the predetermined minimum monthly revenues from gaming operations, whichever is higher, earned by offshore licensees, including gaming operators, gaming agents, service providers, and gaming support providers.<\/p>\n\n\n\n
In order to prevent POGOs from under declaring their income, instead of using foreign currency, the amounts in Philippine pesos will be determined using the official exchange rate at the time of the payment, Manila Bulletin reported.<\/p>\n\n\n\n
The bill will extend Duterte’s special power to reallocate the funds in the current budget to coronavirus programmes.<\/p>\n\n\n\n
It also aims to provide a PHP25.5 billion (US$524.2 million) “stand by fund” and PHP10 billion (US$205.5 million) will go to buy test kits, medicines and vaccines, Philstar reported.<\/p>\n","protected":false},"excerpt":{"rendered":"
A new law could regulate a 5 per cent franchise tax that would be charged on all bets made within the country.<\/p>\n","protected":false},"author":2,"featured_media":9254,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Philippine Senate has ratified the Bayanihan 2 law, imposing a new 5% franchise tax on all gross bets or turnovers from Philippine offshore gaming operators (POGOs) and their service providers. This measure aims to generate PHP140 billion (US$2.87 billion) for Covid-19 relief programs and prevent fraudulent income under-declaration within the POGO sector.","focusai_entities":"Franklin Drilon, Duterte","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), affiliate_publisher (0.7), marketing_crm (0.7), payments_fraud_aml (0.9), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (1.0)","focusai_suggestions":[{"label":"POGO NGR Impact?","query":"How will the 5% franchise tax on gross bets impact the net gaming revenue (NGR) margins and overall profitability of Philippine offshore gaming operators (POGOs)?"},{"label":"Tax Compliance Frameworks?","query":"What specific governance frameworks and technological solutions will be implemented to ensure accurate reporting of gross bets and prevent under-declaration, particularly with the foreign currency conversion clause for POGOs?"}],"footnotes":""},"categories":[156,158,16333],"tags":[128,15789,2895],"class_list":["post-9252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-news","category-slider-home","category-south-east-asia-news","tag-philippines","tag-pogos","tag-taxes"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=9252"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9252\/revisions"}],"predecessor-version":[{"id":9271,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9252\/revisions\/9271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9254"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}