The Bureau of Internal Revenue (BIR) has already collected PHP10.7bn (US$190.14m).
The Philippines.- Assistant finance secretary Karlo Adriano has told a Senate committee hearing, that the Philippine Bureau of Internal Revenue (BIR) expects to collect between PHP15bn (US$267.68m) and PHP20bn (US$356.9m) from franchise taxes on e-games this year. That would represent an increase of up to 50 per cent year-on-year.
Revenue from any gaming operation, including e-games, is subjected to a 5 per cent franchise tax distinct from licensing and regulatory fees payable to PAGCOR. From January to July, franchise tax collection from e-games amounted to PHP10.7bn (US$190.14m).
Meanwhile, PAGCOR has projected that e-games will contribute 35 per cent of its revenues, surpassing PHP100bn (US$1.7845bn). For the second quarter of the year, PAGCOR reported that gross gaming revenue reached PHP89.23bn (US$1.56bn). That’s a rise of 32.32 per cent year-over-year and 9.21 per cent sequentially. E-games was the largest growth sector, with revenue rising by 525 per cent year-over-year to PHP30.85bn (US$538.66m).
As of August, 45 licenced gaming system service providers offered e-games while 22 had yet to begin commercial operations.
The Bureau of Internal Revenue (BIR) has already collected PHP10.7bn (US$190.14m). The Philippines.- Assistant finance secretary Karlo Adriano has told a Senate committee hearing, that the Philippine Bureau of Internal…
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