Pagcor income tax breaks P1 billion mark in 2012

 

The Philippine Amusement and Gaming Corp. (Pagcor), which oversees the casino gaming operations in the Philippines, will pay a total of USD $135 million to the Bureau of Internal Revenue, up 10.44 percent from the USD $122.4 million payment made in 2011.  Of the total, USD $26.3 million – or P1.07 billion – represents corporate income tax, 33.6 million (five-percent  franchise tax from its gaming operations), USD $57 million (franchise tax collections from licensees), and USD 19.1 million in withholding taxes.  “This is the first time ever that our agency has become part of the billionaires club in terms of corporate income tax payments,” Pagcor chairman and chief executive officer Cristino Naguiat Jr. said in a statement.