The Philippine’s government has revised its income tax framework for casino employees in the country. The new move is to ensure that the wages earned by over 100,000 casino employees are in tune with the country’s income tax regulations and policies.
There is an overwhelming number of Chinese workers in the casino industry in the Philippines. There has been an ongoing debate about taxing the employees to ensure that the government doesn’t lose significant tax money.
The new income tax framework has been designed by the government and the industry stakeholders to ensure that the employees pay their taxes to the respective authorities.
The Casino industry is one of the significant contributors to the Philippine’s economy. Now with the new income tax framework, all 55 operators in the country will have to ensure that they comply with the new regulations.
According to the new regulations, all employees are to be a part of the Social Security System and the Home Development Mutual Fund.
Finance Secretary Carlos Dominguez III explained: “We met twice with the biggest POGO operator and told him that he and the rest of the operators have to comply with the provisions of the law, this means a tax on income earned by all their employees, whether foreigners or Filipinos.”
With the new regulations in place, it would be easier for the authorities to curb illegal gambling practices and identify unlicensed operators draining the country’s tax revenue.