During yesterday's Senate committee on ways and means hearing, the Department of Finance (DOF) and the Philippine Amusement and Gaming Corp. (PAGCOR) agreed that there is an upward trend in the e-games sector.
Finance Assistant Secretary Karlo Adriano said estimates showed that the BIR could collect P15 billion to P20 billion from the five percent franchise tax on PAGCOR e-games licensees.
This is a 13 to 50 percent increase from last year's collection of P13.3 billion. From January to July, franchise tax collection from e-games amounted to P10.7 billion.
Income from any gaming operation, including e-games,is subject to a five-percent franchise tax, payable directly to the BIR.
The franchise tax is also different from other license and regulatory fees paid to PAGCOR.
This story is from the September 13, 2024 edition of The Philippine Star.
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This story is from the September 13, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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