BIR released its strict tax guidelines for Philippine Offshore Gaming Operations
The Bureau of Internal Revenue (BIR) released its strict tax guidelines for Philippine Offshore Gaming Operations (POGOs) in the payment of appropriate franchise and other taxes.
This, as the Bureau of Internal Revenue issued Revenue Regulations No. 30-2020 requiring online business to remit to 5% franchise tax on gross bets or the minimum guarantee fee whichever was higher.
They were also required to pay Income Tax and Value-Added Tax (VAT) on earnings from retail of goods and services.
In addition, the Bureau of Internal Revenue warned that tax cheating would result in the closure of gaming operations and would also result in filing of tax evasion charges against concerned officials.
The Philippine Amusement and Gaming Corp. (PAGCOR) was directed to submit monthly franchise tax collection reports and also the number of workers employed by industry as well.
READ ALSO: BIR Warns Public Anew vs Cyber Criminals
The said guidelines ruled that the franchise tax should be used exclusively to fight COVID-19 and would accrue later to the general fund of the government when the COVID-19 pandemic was finally contained.
The Revenue Regulations No. 30-2020 was signed by Finance Secretary Carlos Dominguez III upon the recommendation of BIR Commissioner Caesar Dulay.
Meanwhile, the Bureau of Internal Revenue warned the public anew against the alarming activities of cyber criminals.
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