In the Philippines and President Rodrigo Duterte (pictured) has reportedly signed a piece of legislation into law that has been designed to more than double the amount of tax collected from domestic holders of an offshore gaming license.
According to a report from Inside Asian Gaming, the new Bayanihan to Recover as One Act is to require iGaming firms possessing a Philippine Offshore Gaming Operator (POGO) license to pay a 5% tax on turnover rather than revenues with an official exchange rate utilized to calculate the local equivalent of any amount owed in foreign currencies.
This new franchise tax is to be applied to the higher of either a local iGaming operator’s monthly gross turnover or a pre-arranged revenue minimum. The source detailed that the revised structure has been designed to bring in more cash so as to help fill an estimated $3.4 billion shortfall in the Asian nation’s coronavirus relief fund and moreover lays out penalties that could eventually see non-compliant firms unceremoniously stripped of their POGO licenses.
Philippines Senator Franklin Drilon reportedly used an interview with local radio broadcaster DWIZ to assert that the new measure is destined to take this year’s tax contribution from POGO license holders up to approximately $361.2 million with the extra cash earmarked for use ‘to fund the various types of assistance’ for sectors recently impacted by the coronavirus pandemic.
The Philippines last month reportedly allowed only 29 of 60 firms that had previously held a POGO license to re-open following the lifting of a nationwide coronavirus-induced lockdown. Inside Asian Gaming furthermore explained that this is all part of a long-running campaign that is attempting to get such operations to more promptly fulfil their federal tax commitments and honor any outstanding deficits.
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