• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Pagcor urges review of reforms that slash its tax breaks

Jul 27, 2018 Newsdesk Latest News, Philippines, Top of the deck  


Pagcor urges review of reforms that slash its tax breaks

The Philippine Amusement and Gaming Corp (Pagcor) has urged lawmakers to reflect on proposed reforms to corporate tax laws that may reduce the organisation’s profitability.

The Philippine congress is considering tax reform legislation that includes a reduction of the rate of corporate income to 25 percent, down from 30 percent. The bill before lawmakers makes up the shortfall in government revenue by rationalising other tax incentives. Those incentives include the repeal of a presidential decree that Pagcor pay a tax of 5 percent on the gross revenue from its operations and be exempt from all other taxes. Pagcor is the country’s gaming regulator and an operator of casinos.

In a press release issued on Thursday, Pagcor said its tax break should stay in place because it faces “already onerous obligations” to contribute to the nation’s coffers, among other commitments. Pagcor noted that it also contributes to “nation-building and other socio-civic undertakings”.

“Pagcor at any year could be contributing to government coffers from 52.5 percent to almost 70 percent of its earnings. Thus, illustrating why the ‘in lieu of all taxes’ provision was included in Presidential Decree 1869 and why it should stay,” the statement reads. “We hope that the bills… will be meticulously studied,” it adds.

Presidential Decree 1869 took effect in 1983 and regulates gaming and casinos in the Philippines. The decree also specifies the tax regime for Pagcor.

Under the Comprehensive Tax Reform Package proposed by President Rodrigo Duterte, the Philippine government has passed legislation to spread the tax burden across the economy.

In Thursday’s release, Pagcor stated: “If the ‘in lieu of al taxes’ provision is repealed, it should also include the repeal of all the funding requirements of Pagcor, leaving only the corporate income tax, such that Pagcor and its licensees should be treated as ordinary businesses.”

Pagcor has made headlines recently for exceeding official guidelines for loyalty payments and gifts to long-serving staff. Its management was forced to deny the report by a government auditor that it had spent lavishly on 18-carat gold rings for 20-year veterans at the organisation. Pagcor says the practice of giving staff gold rings ended in 2016.


  • tweet
Related articles
  • Metro Manila, Entertainment City stay in GCQ to March 31
    Metro Manila, Entertainment City stay...

    Mar 03, 2021  

  • Gaming recovery helps Melco Resorts EBITDA break even 4Q
    Gaming recovery helps Melco Resorts...

    Feb 26, 2021  

More news
  • UA Galaxy Cinemas normal as HK ops cease: Galaxy Ent
    UA Galaxy Cinemas normal as HK ops...

    Mar 08, 2021  

  • Galaxy’s Lui hopes Macau 2H better amid vaccine rollout
    Galaxy’s Lui hopes Macau 2H better...

    Mar 08, 2021  


Latest News

UA Galaxy Cinemas normal as HK ops cease: Galaxy Ent

UA Galaxy Cinemas normal as HK ops cease: Galaxy Ent

Mar 08, 2021  

UA Galaxy Cinemas, the multiple-screen cinema facility at the Galaxy Macau casino resort, is operating as usual, the resort promoter Galaxy Entertainment Group Ltd has confirmed to GGRAsia. In...
Read More
Galaxy’s Lui hopes Macau 2H better amid vaccine rollout

Galaxy’s Lui hopes Macau 2H better amid vaccine rollout

Mar 08, 2021  

Pace of Macau GDP decline slows in 4Q amid tourism gains

Pace of Macau GDP decline slows in 4Q amid tourism gains

Mar 08, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Construction work is progressing smoothly and even though the Covid-19 outbreak has impacted our original timeline, we remain committed to this groundbreaking project"

Grant Johnson

Property general manager of City of Dreams Mediterranean



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Pansy Ho again cuts stake in MGM Resorts, for US$57mlnPansy Ho again cuts stake in MGM Resorts, for US$57mln March 4, 2021
  • LVS plans to keep U.S. base, stock listing: spokesmanLVS plans to keep U.S. base, stock listing: spokesman March 4, 2021
  • Fitch says LVS Nevada sale a negative, Moody’s keenerFitch says LVS Nevada sale a negative, Moody’s keener March 5, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us