Dennis Valdes bucks huge tax rate on online gaming revenues | Bilyonaryo Business News
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Dennis Valdes bucks huge tax rate on online gaming revenues

The nephew of bilyonaryo Bobby Ongpin has a bone to pick with the Philippine Amusement and Gaming Corp. (Pagcor).

AlphaLand president Dennis Valdes, who used to head gaming technology firm PhilWeb Corp., isn’t pleased with the state-run gaming regulator’s supposed plan to set a 42.5% tax rate on all online gaming revenues generated by land-based casinos.

This is on top of the 5% franchise tax remitted to Pagcor by gambling firms.

“PAGCOR seeking to kill the next goose that lays golden eggs. They blur the line between regulatory and predatory,” Valdes tweeted.

The government has lost billions in revenue from gaming operations during the government-mandated shutdowns t stem the further spread of the Covid-19 in the country.

For the first half, Pagcor incurred a net loss of P1.6 billion, a reversal of the P3.08 billion recorded a year ago due to the temporary closure of casinos in mid-March. Revenue from gaming operations declined by 49.5% to P18.4 billion.

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