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After a year of deliberations, the Philippines' gaming regulator completed a framework that would offset the negative impact of the mandatory transition of the tax system on the gaming industry.

The Philippine Entertainment Game Company (Pagcor) announced a 10 percent adjustment in licensing costs for its Entertainment City development in Manila. The gaming industry seems to be pleased with the solution, which covers additional exposure to corporate income taxes caused by the IRS.

In April 2013, the BIR issued a memorandum stating that Pagcor and its licensed casino operators were subject to a 30% corporate income tax instead of a 5% franchise tax on total game revenue, removing exemptions given to the four operators developing casinos in Manila Bay.

The game operators claimed that the licensing fees paid to Pagcor under the provisional license were "not all taxes." In a statement, Pagcor said it had entered into an agreement to adjust the fees by 10 percentage points of the game's total revenue, effective April 1, 2014. 안전한 카지노사이트

BIR Commissioner Kim Henares said he had not yet seen a copy of the agreement, according to Philippine media. On Monday, Commissioner Henares was quoted as saying: "Whatever agreement they have, it's a private agreement between them and has nothing to do with what the law requires of everyone, which is to pay the taxes they are responsible for."

In a separate statement, Melco Crown Philippines said: "These solutions demonstrate to the Philippine government its commitment to complying with and abiding by Pagcor's interim license conditions, as well as preserving the financial benefits already derived from the interim license."

"We welcome this initiative and sincerely thank the government of the Republic of the Philippines and Pagco for their continued support in realizing the gaming, leisure and entertainment complex in Manila," said Clarence Chung, chairman and president of Melco Crown Philippines, in a statement to the Philippine Stock Exchange.

The 10% license fee adjustment is perceived as a temporary measure to address the BIR measure and is "not intended to modify, modify or modify the temporary license," Pagcor said. The parties have agreed to return to the original license fee structure if the BIR measure is "permanently suppressed, amended or withdrawn."

Entertainment City's casinos are being developed by Bloomberry Resorts and Hotels Inc., MCE Leisure (Philippines) Inc., Travelers International Hotels Group Inc., and Tiger Resorts Leisure and Entertainment Inc.

Bloomberry operates Solair Resort and Casino and is currently expanding its development. Melco Crown Philippines, a subsidiary of Macau's casino operator Melco Crown Entertainment Ltd., aims to open City of Dreams Manila in the third quarter of 2014.