Revoking tax exemptions among gaming firms may hurt capital markets as well as hinder the company’s plan to establish an internationally known local gaming industry.

The Bureau of Internal Revenue (BIR) recently issued a memorandum that revoked the income-tax exemption of the Philippine Amusement and Gaming Corp. (Pagcor), removing Pagcor from the list of government-owned and -controlled companies that are tax-exempted. Pagcor licensees will then be subject to the 30-percent corporate income tax on its net taxable income instead of the 5-percent franchise tax on its gross gaming revenues.

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