MANILA, Philippines - The Philippine Amusement and Gaming Corporation (Pagcor) is paying more than P1 billion in taxes to the government for 2012, as casino operations in the country continue to flourish.
Pagcor, which regulates casino gaming operations, said it will pay P1.07 billion in corporate income tax to the Bureau of Internal Revenue (BIR) for 2012. This after the regulator posted P40.88 billion in profits, the strongest in its history.
"This is the first time ever that our agency has become part of the billionaires club in terms of corporate income tax payments," Cristino Naguiat Jr., Pagcor chairman and chief executive said.
Pagcor's total payments to BIR would actually reach P5.5 billion, including its other tax obligations.
"This includes the P1.07 billion corporate income tax, P1.37 billion representing the 5 percent franchise tax from our gaming operations, P2.32 billion in franchise tax collections from PAGCOR’s licensees, and P778 million in withholding taxes," Naguiat said.
Pagcor is expected to remain in the list of top state-owned company taxpayers for 2012.