Philippine lawmakers optimistic in revitalizing the economy with “e-sabong” bill - Android

Badly hit by the global health issue, the Philippines has seen a sharp decline in its GDP, prompting for the creation of a bill that certain optimistic politicians see as a potent measure to revive the country’s struggling economy. Currently on its third and final reading, House Bill 8065, which will impose taxes on electronic […]

This article, Philippine lawmakers optimistic in revitalizing the economy with “e-sabong” bill, was originally published at NoypiGeeks | Philippines Technology News, Reviews and How to's.

Badly hit by the global health issue, the Philippines has seen a sharp decline in its GDP, prompting for the creation of a bill that certain optimistic politicians see as a potent measure to revive the country’s struggling economy.

Currently on its third and final reading, House Bill 8065, which will impose taxes on electronic cockfighting or “e-sabong” is being pushed by Reps. Joey Salceda and Sharon Garin.

As per the proposal, the tax shall gather five percent of the gross income extracted from offsite betting activities on locally licensed games and will be on top of taxes required by the LGU as well as regulatory fees and charges enforced by other agencies.

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Prospect about the bill is very positive which is anticipated to be no less than Php1.25 billion in the first year of implementation and could see the Bureau of Internal Revenue’s current collection of Php13.7 million multiplied by more than 90 times.

Aside from boosting the economy, Garin also cites the need for the government to “eliminate the ambiguity” that is inherent in the current regulation involving digital and borderless activities, which would lead to better “accountability and transparency in the system.”

Via: PhilStar

This article, Philippine lawmakers optimistic in revitalizing the economy with “e-sabong” bill, was originally published at NoypiGeeks | Philippines Technology News, Reviews and How to's.