Philippines President Rodrigo Duterte has urged lawmakers to pass a bill that would set a standard for income and gaming taxes for the country’s online casinos.
In a statement on Monday, presidential spokesperson Harry Roque said the measure would not only generate much needed revenues in the country but also stricter government oversight.
The senate bill, which Duterte referred to as “urgent” requires all offshore gaming licensees, regardless of whether they are Philippines based or elsewhere, to pay 5 percent tax on gross gaming revenue, and also require foreigners employed in the online casino industry and their service providers to pay 25 percent income tax.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.