Friday, February 20, 2015

Pagcor welcomes SC decision | ABS-CBN News

See - Pagcor welcomes SC decision | ABS-CBN News

"x x x.

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) welcomed the Supreme Court's decision exempting its gaming income from corporate income tax.
Pagcor assistant vice-president for corporate communications Maricar L. Bautista said the SC decision affirms Pagcor's position that imposing a 30 percent corporate income tax on its gaming revenues is illegal.
"Pagcor welcomes the Supreme Court decision which affirms what is provided under the Pagcor charter, Presidential Decree 1869 as amended by Republic Act 9487," she said.
The Supreme Court (SC) has ruled that despite amendments to the National Internal Revenue Code (NIRC), the Pagcor Charter remains in effect.
This means income derived by the Pagcor from its gaming operations such as the operation and licensing of gambling casinos, gaming clubs, and similar amusement establishments, gaming pools and related operations shall not be subjected to corporate income tax.
The BIR had earlier issued a memorandum circular 33-2013, clarifying that Pagcor's income and that of its contractees and licensees are subject to income and franchise taxes.
"As I understand it, the recent Supreme Court decision pertains to Pagcor's concerns only. It didn't touch on the concerns of the licensees," Bautista said.
"The Supreme Court decision will encourage us to work harder so that we can deliver more to the government as there is now a clear cut declaration on Pagcor's tax regime," she added.
Meanwhile, BIR Commissioner Kim S. Jacinto-Henares declined to issue a statement on the High Court's decision.
x x x."