By Junex Doronio
MANILA — Good news to all lotto bettors if the Senate acts fast and approves the bill that lowers to 10 percent from 20 percent tax on lotto jackpot winnings that was immediately passed by the House of Representatives.
On Monday (4 March 2024), the House of Representatives under the leadership of Speaker Ferdinand Martin G. Romualdez approved on third and final reading House Bill No. 9277 or the proposed Capital Markets Efficiency Promotion Act, with 270 affirmative votes, three negative votes and one abstention.
HB 9277 seeks to cut the final tax rate for Philippine Charity Sweepstakes Office (PCSO) lotto jackpot winnings, as well as the documentary stamp tax on ticket cost for PCSO lotto and horse-race betting to 10 percent from 20 percent.
At the same time, the bill aims to lower the taxes on stock transactions, in an effort to help boost capital markets and the country’s investment competitiveness.
It is eyeing the stock transaction tax to be immediately reduced to 0.1 percent from 0.6 percent.
HB 9277 also proposes to lower the dividends tax rate for non-resident aliens to 10 percent from 25 percent.
(el amigo/MNM)
