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Philippine Tax Research Device Supports Gambling Winnings Tax Efforts

The Philippine nationwide Tax Research Center (NTRC), a Department of Finance-attached research unit, stated in a written report so it supports the development of taxes on lottery winnings and recharging costs for entering neighborhood casinos.

Professionals through the research center published inside their report, Profile and Taxation of Selected Gambling and Betting Activities in the Philippines, that horse race options aren't treated equally with casinos and lottery as the former are burdened with increased taxes.

The NTRC further explained that Philippine horse race clubs have to pay a number of taxes, including business, franchise and value-added ones. As well as this, under the country's 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 pay a tax on winnings.

People who winnings on horse racing are to pay a documentary stamp tax and a percentage taxation on winnings. Casino players, nonetheless, pay only a withholding income tax on awards more than PHP10,000. Residents who place wagers on sweepstakes or lottery are only likely to pay documentary stamp tax.

The NTRC said in its report that 'players within the identified gambling and gambling activities' are not addressed fairly in terms of fees.