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By APD writer Melo M. Acuña
Philippine Finance Secretary Carlos G. Dominguez III said offshore gaming is gambling in cyber space.
During the open forum at the Foreign Correspondents’ Association of the Philippines’ (FOCAP) “Prospects 2020” forum yesterday, Secretary Dominguez said the government cannot tax profits from gambling which is done offshore.
He said he learned Cambodia closed down offshore gaming operations recently.
“What is done here is the support for gambling activities done offshore,” he explained.
He said he cannot say whether the existence of Philippine Offshore Gaming Operators in the country is good or bad for the country but added foreigners earning a living in the Philippines need to pay taxes.
“Filipinos working abroad pay taxes as foreigners ought to follow the existing laws of a any country where they work,” the Secretary of Finance explained.
The government cannot subject POGOs’ activities in the country because the persons behind the operations are “very clever.” He admitted it is a big tax problem like Amazon.
“We haven’t figured it out,” he said.
Asked about crypto currency, Secretary Dominguez said it is a commodity that one can bet or not bet on. He said he’s not familiar with crypto currency but what he knows is one’s free to engage in it at his own risk.
“If you lose, you don’t cry to us,” he said. However, those operating crypto currency businesses are required to register with the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas.
He further said one can buy crypto currency from Tanzania and the Philippine government has nothing to do with the transactions involved.
(ASIA PACIFIC DAILY)
