Republic Acts1 min read
Section 5Sec./Art. 5
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Section 28 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:
SEC. 28.Rates of Income Tax on Foreign Corporations.
(A)Tax on Resident Foreign Corporations
(1) x x x
x x x
(7)Offshore Gaming Licensees. The provisions of existing special or general laws to the contrary notwithstanding, the non-gaming revenue derived within the Philippines of foreign-based offshore gaming licensees as defined and duly licensed by the Philippine Amusement and Gaming Corporation or any special economic zone authority or tourism zone authority or freeport authority shall be subject to an income tax equivalent to twenty-five percent (25%) of the taxable income derived during each taxable year.
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