TAXES collected from Philippine offshore gaming operators (POGOs) could cushion potential losses due to uncertainties over the government’s second tax reform package, First Metro Investment Corp. (FMIC) said on Tuesday. Citira aims to reduce corporate income tax from 30 percent to 20 percent in 10 years and remove the 5-percent tax on gross income earned currently enjoyed by select firms. There were also reports of regional headquarters moving to other Southeast Asian countries because of worries over Citira. POGOs drove demand for office spaces last year, accounting for more than 40 percent of the takeup, according to Leechiu Property Consultants. POGO clients occupied 738,000 square meters out of the 1.7-million-sqm total takeup last year, the property consultancy firm said.

Source: Manila Times January 14, 2020 16:39 UTC