The House of Representatives on Tuesday approved on final reading a measure imposing taxes on offsite betting activities on locally licensed cockfights and derbies.
With 215 affirmative votes, one negative vote, and no abstention, the chamber passed on third reading House Bill 8065, which seeks to amend Section 125 of the National Internal Revenue Code of 1997.
The bill aims to clarify the national government’s share of their revenues for offsite betting on these locally licensed games and to ensure that the government can look into their operations.
Under the bill, the proposed tax shall be 5 percent of gross revenues derived from offsite betting activities on locally licensed cockfights and derbies, and other derivative activities.
The bill, however, provides that the tax imposed shall not be in lieu of taxes required by the local government units, and regulatory fees and charges imposed by government agencies.
Gaming operators of the regulated activities shall be required to specify “Offsite Betting Activities on Locally Licensed Games” in disclosures and documentation required by the Bureau of Internal Revenue, the Games and Amusement Board (GAB), and other regulatory government agencies and instrumentalities.
Gaming operators shall likewise be required to directly remit the payment of tax to the BIR.
The GAB shall be mandated to issue rules and regulations for the fair conduct of offsite betting on locally licensed cockfights and derbies. (PNA)