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Philippines Confirms Tax on Casino Jackpot Winnings
The Philippine Bureau of Internal Revenue (BIR) issued Memorandum Circular No. 57-2026 on Tuesday, May 26, to clarify the tax treatment of jackpot prizes and other gambling-related winnings. The circular confirms that prizes won from casinos and other authorized gaming activities are considered taxable “winnings” under the National Internal Revenue Code and are subject to final withholding tax. The BIR defined progressive jackpot prizes as those that increase incrementally as more bets are placed across linked tables, electronic gaming machines, or bingo […] The post Philippines Confirms Tax on Casino Jackpot Winnings appeared first on World Casino News.
The Philippine Bureau of Internal Revenue (BIR) issued Memorandum Circular No. 57-2026 on Tuesday, May 26, to clarify the tax treatment of jackpot prizes and other gambling-related winnings. The circular confirms that prizes won from casinos and other authorized gaming activities are considered taxable “winnings” under the National Internal Revenue Code and are subject to final withholding tax. The BIR defined progressive jackpot prizes as those that increase incrementally as more bets are placed across linked tables, electronic gaming machines, or bingo […]
The post Philippines Confirms Tax on Casino Jackpot Winnings appeared first on World Casino News.
