Philippines discourages taxes for casinos
The decision was made in July, but published yesterday.
Philippines.- Licensed casinos will not be charged with the corporate income tax in the Philippines after a resolution of the Supreme Court. The Revenue Memorandum Circular (RMC) No. 33-1013 of the Philippines’ Bureau of Internal Revenue (BIR) has been officially discourage by the national entity.
“This Supreme Court decision will allow PAGCOR and BRHI as an integrated casino resort to revert to the original license fee structure of 15 percent and 25 percent license fee (inclusive of the 5 percent franchise tax) for high rollers/junket and mass gaming respectively,” declared Bloomberry Resorts at a statement in the Philippine Stock Exchange.
The casino company, operator of Solaire Resort & Casino, had presented a petition to Philippines’ authorities to stop imposing the corporate income tax on the income from gaming operations, in particular of casinos licensed by the Philippine Amusement and Gaming Corporation (PAGCOR).
Although the Supreme Court’s resolution was sentenced in August 10, 2016, Bloomberry was notified this week. As to PAGCOR, the Assistant Vice President for Communications Maricar Bautista revealed that they have not been notified yet. “PAGCOR can’t comment for now,” expressed the Vice President.
