The Bureau of Internal Revenue in the Philippines has said that the tax revenue from Philippine offshore gaming operators (POGOs) will drop this year.
BIR Deputy Commissioner Arnel Guballa told senators that the latest projections show POGO tax collections settling at ₱3.92 billion, just half the ₱7.18 billion raised in 2020.
This is based on the January revenue of ₱327.2 million, down 69% compared to a year ago, multiplied by 12 months.
Victor Padilla, senior manager for offshore gaming of the Philippine Amusement and Gaming Corporation (PAGCOR), said there are only 38 license holders operating from a peak of 61 companies pre-pandemic.
POGOs were forced to shut down due to COVID-19 lockdowns in 2020. They were allowed to reopen in May, but were told to settle all their unpaid dues with the BIR.
The Senate Ways and Means Committee tackled bills that would set the tax rules for POGOs. In the measure, license holders will pay a franchise tax worth 5% of gross gaming receipts while foreign employees will be subject to a 25% withholding tax. This assumes that they are earning at least ₱600,000 a year or ₱50,000 monthly.
These tax rates were originally passed under the Bayanihan to Recover as One Act, but POGO companies ran to the Supreme Court to stop its implementation.
“It is their contention that once the foreign national acquired their working visa, these foreign nationals should be taxed like the ordinary Filipino citizen or resident alien employee,” Guballa said during the hearing.
The BIR official added that POGO firms also insisted that they should not be paying any dues to the BIR as they registered abroad and do not derive income from the Philippines.
Lady Luck Games signs game distribution agreement with CYG Pte Ltd
Lady Luck Games announced today that they have entered into an agreement with CYG Pte Ltd that allows its games distribution to regulated markets in Asia.
Mads Jørgensen, Co-Founder and Chief Executive Officer of LL Lucky Games AB said: “Only two weeks after announcing our prominent new strategic Asian investor in LL Lucky games AB, I am proud to announce a new partnership for regulated Asian markets that will have a massive impact on our business strategy.
“CYG Pte Ltd is a significant partner with many years of experience and knowledge in the Asian markets. This agreement is a milestone for Lady Luck Games and reinforces our ambition to become cash flow positive. The integration has already started and players will be able to enjoy more and more of our leading content in the coming months.”
Michael Li, CEO of CYG Pte Ltd reiterated: “We are extremely proud and excited to announce our partnership with Lady Luck Games. As an already renowned provider of top-quality casino games in Europe, this partnership significantly enriches our content network. We strive to offer the best possible content and user experience, and believe with its carefully designed games and mechanics, Lady Luck Games is set to take the Asian regulated markets by storm.”
PUMA enters Indian Esports, becomes official kit partner of Revenant Esports
Revenant Esports, one of India’s fastest-growing and most consistent Esports organisations, has announced sports brand PUMA as their official kit partner for the upcoming season.
This association came as one of the major non-endemic brand collaborations in the Indian esports industry. Under the terms of the partnership, Revenant Esports’ creators and Esports roster will don the exclusive kits produced by PUMA.
With both brands sharing similar ideologies in terms of propelling Esports to greater heights, they will leverage this association to make their presence felt among the Esports community in India.
“PUMA is one of the most successful sports brands in the world and it makes us extremely proud to be the first Esports team in India to be associated with them. This partnership is a step in the right direction for Revenant Esports and a testament to our aim of enriching the experience of the Esports community and our fans. Esports merchandise has become an integral part of the industry in the last few years and seeing our athletes, creators, fans wear the apparel produced by one of the world’s best is a privilege. Together we hope to achieve immense success in the coming years and capitalise on the growing Esports culture in the country,” said Rohit Jagasia, Founder and CEO of Revenant Esports.
PUMA has emerged as the number 1 sports brand in India after generating record revenues last year and are also familiar with the Esports sector having partnered with numerous international organisations. By joining forces with Revenant Esports and their massive fanbase, they will look to maximise their potential in the Indian Esports market.
Commenting on the occasion, Vishal Gupta, Executive Director-Retail, PUMA India, said, “We are extremely excited to associate with Revenant Esports as their official Kit Partner and become the first leading sportswear brand in the country to enter the deeply engaging space of Esports. India is one of the biggest markets for the video gaming community and competitive Esports is immensely influencing our youth across tiers. That Esports getting incorporated as a medal sport into the Asian Games next year is evidence of its huge popularity & potential today. As a brand, PUMA strongly supports influences on youth culture such as sports, fitness, art, cinema, music and now new age sports i.e. Esports. With this association, Puma & Revenant will leverage each other’s huge audience base and wide reach to connect with Esports athletes in the country and penetrate deeper into the market.”
According to the recent FICCI-EY report, 100 brands have invested in Indian Esports this year, compared to 72 in 2021. Similar to traditional sports, Esports merchandise is a crucial component that fuels the growth of an Esports organization by spreading brand awareness and building loyalty among their passionate set of fans.
Being home to the country’s top-notch talents, Revenant Esports have been currently preparing for the upcoming tournaments including PokeCon 2022.
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