Philippine Tax Research Device Supports Gambling Winnings Tax Efforts
The Philippine National Tax analysis Center (NTRC), a Department of Finance-attached research unit, said in a study it supports the development of fees on lottery winnings and recharging charges for entering neighborhood gambling enterprises.
Specialists through the research center penned in their report, Profile and Taxation of Selected Gambling and Betting Activities in the Philippines, that horse race options are not treated equally with gambling enterprises and lottery as the former are burdened with an increase of taxes.
The NTRC further explained that Philippine horse racing clubs need certainly to spend a number of fees, including business, franchise and value-added ones. In addition to this, under the country’s income tax code, a tax on horse racing winnings also needs to be paid.
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 don’t spend an income tax on winnings.
Those that winnings on horse racing are to cover a documentary stamp tax and a share tax on winnings. Casino players, but, only pay a withholding income tax on awards more than PHP10,000. Residents who spot bets on sweepstakes or lottery are only expected to pay documentary stamp tax.
The NTRC stated in its report that ‘players in the identified gambling and gambling tasks’ are not treated fairly regarding taxes. Continue reading “Philippine Tax Research Device Supports Gambling Winnings Tax Efforts”