New Philippine Tax Adds More Pain to Pandemic-Hit Online Casinos
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China-centric online casinos in the Philippines will incur more losses and more are expected to shut after a pandemic relief law imposed a new tax on the industry, a gaming authority official said.
The law, signed by President Rodrigo Duterte earlier this month, imposes a 5% franchise tax on offshore gaming operators’ gross bets. That’s a change from the current franchise tax imposed on gross gaming revenue, Philippine Amusement and Gaming Corp. Assistant Vice President Jose Tria said.