Philippine Tax Research Unit Supports Gambling Winnings Tax Efforts
The Philippine National Tax Research Center (NTRC), a Department of Finance-attached research unit, stated in a written report so it supports the introduction of fees on lottery winnings and billing costs for entering casinos that are local.
Specialists through the extensive research center composed in their report, Profile and Taxation of Selected Gambling and Betting Activities in the Philippines, that horse race options are not treated similarly with gambling enterprises and lottery as the former are burdened with increased taxes.
The NTRC further explained that Philippine horse race clubs have to spend a number of taxes, including corporate, franchise and ones that are value-added. A tax on horse racing winnings also needs to be paid in addition to this, under the country’s tax code.
The Philippine Charity Sweepstakes Office (PCSO), which manages the local sweepstakes and lottery services, does not pay any such taxes on the other hand. As for the Philippine Amusement and Gaming Corp. (PAGCOR) and the Philippines’ licensed casinos, they do not spend an income tax on winnings.
People who winnings on horse race are to pay for a documentary stamp tax and a portion tax on winnings. Casino players, nevertheless, only pay a withholding tax on prizes more than PHP10,000. Residents whom place bets on sweepstakes or lottery are only likely to pay documentary stamp tax.
The NTRC said in its report that ‘players into the identified gambling and betting activities’ are not treated fairly regarding fees. [Read more…] about Philippine Tax Research Unit Supports Gambling Winnings Tax Efforts