Philippine Charity Sweepstakes Office (PCSO) and the Philippine Amusement and Gaming Corporation (PAGCOR) are advocating for reduced fees on casino and lottery winnings. Under the proposed Passive Income and Financial Intermediary Taxation Act (PIFITA), currently under government consideration, the tax rate on passive income is set to decrease to 15 percent. This move is anticipated to bolster compliance with taxation laws.
During the second public hearing on tax measures, PCSO Chairman Junie Cua announced plans to halve the tax on lottery winnings, potentially reducing it to 10 percent, with a focus on benefiting low-income players.
PCSO lawyer Kat Contacto referenced situation in 2018 where the PCSO tried to transfer costs to players, resulting in decreased ticket sales in 2019.
Arnold Salvosa, PAGCOR’s Assistant Vice President, has suggested not imposing any tax on casino winnings. He pointed out that their neighbouring competitors in Asia, such as Singapore and Macau, do not levy taxes on casino winnings. They view them as a stroke of luck rather than income.
Drawing a comparison to the tax system in the United States, Salvosa highlighted that casino winnings are subject to taxation as part of an individual’s income.
Meanwhile, Wazdan, the popular casino game developer, has significantly broadened its footprint in Bulgaria through a new partnership with ElitBet.bg. This collaboration marks the gradual integration of Wazdan’s games into the ElitBet.bg platform, with the initial release commencing in January.
This alliance allows players on ElitBet.bg to immerse themselves in Wazdan’s games.
Andrzej Hyla, Chief Commercial Officer at Wazdan, expressed delight in enhancing the company’s presence in Bulgaria through this collaboration with ElitBet.bg. Hyla emphasised their commitment to providing top-performing games, confident in their ability to enrich ElitBet.bg’s gaming portfolio and deliver exceptional entertainment to players.
Viktor Kirilov, CEO of ElitBet.bg, echoed Hyla’s enthusiasm, stating that Wazdan’s diverse range of titles perfectly complement their online casino offerings. Kirilov highlighted their dedication to becoming the premier destination for Bulgarian players, with Wazdan’s games serving as a premier addition to their platform.
Earlier it was reported that Bulgaria increased the taxes for gambling operators starting January 1, 2024.
