Tax

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Tax

Postby felixleong » Tue Sep 02, 2008 7:10 pm

Are your gambling winnings taxable or not?
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Re: Tax

Postby koolas » Tue Sep 02, 2008 8:40 pm

Under Philippines laws, winnings from gambling in registered casino (PAGCOR) is already net of tax.
The payor (PAGCOR) is the one obligated to withheld the final tax before the payout.
So, what you get is for you to keep.
Isn't it thats a nice deal, looking forward for some to play here in manila, especially when appt lands in manila in the comings months.
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Re: Tax

Postby felixleong » Tue Sep 02, 2008 10:31 pm

wow that's really nice, how about online poker?
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Re: Tax

Postby koolas » Wed Sep 03, 2008 12:55 pm

felixleong wrote:wow that's really nice, how about online poker?


In the absence of a clear tax provision concerning the issue

Winnings from online poker would constitute income from sources outside your domicle,
so i do believe it should no longer be tax as part of what you declared as income from sources within.

Looks like you, felix, have made quite a big bundle from online poker. Congrats!!! :D
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Re: Tax

Postby mrpossum » Wed Sep 03, 2008 2:39 pm

Then what about like winning events like WSOP ?
Like few hundred k at one go ? Taxable ?
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Re: Tax

Postby necrohavoc » Thu Sep 04, 2008 6:46 am

koolas wrote:Under Philippines laws, winnings from gambling in registered casino (PAGCOR) is already net of tax.
The payor (PAGCOR) is the one obligated to withheld the final tax before the payout.
So, what you get is for you to keep.
Isn't it thats a nice deal, looking forward for some to play here in manila, especially when appt lands in manila in the comings months.


I'm looking to go back to the Metro Club some day soon ...hopefully APPT Manila
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