BY JUN RAMIREZ
The Bureau of Internal Revenue (BIR) has come out with strict guidelines for the Philippine Offshore Gaming Operations (POGO) to pay the appropriate franchise and other taxes.
Revenue Regulations No. 30-2020 required the online business to remit to government five percent franchise tax on gross bets, or the minimum guarantee fee (MGF) whichever is higher.
They are also required to pay income and value-added taxes on earnings from retail of goods and services.
It warned that tax cheating will result in the closure of gaming operations and filing of tax evasion charges against concerned officers.
The Philippine Amusement and Gaming Corporation (PAGCOR) was instructed to submit monthly franchise tax collection reports as well as the number of workers employed by industry.
The guideline ruled that the franchise tax shall be used exclusively to fight the deadly coronavirus disease and will accrue later to the general fund of the government when the pandemic is finally contained.
It was signed by Finance Secretary Carlos Dominguez III upon the recommendation of BIR Commissioner Caesar Dulay. (Jun Ramirez)
