P400-M excess documentary stamp tax collections in horseracing ...Middle East

The issue started In December 2021 when the MMTCI racetrack successfully renewed its congressional franchise (RA 11505) that reduced its documentary stamp tax (DST) to only 10 percent of bets from the previously imposed 20 percent under the TRAIN LAW. The reduction however was only implemented in May, this year or after more than two years, thereby creating big excess collections. In an August 10 letter, the three biggest horse owner groups, MARHO, PHILTOBO, KLUB DON JUAN called the attention of the Games and Amusements Board (GAB) that these excess DST, collected from Jan-Dec. 2021, Jan-Dec. 2022 and Jan to April 2022 already amounted to P400,859,477. They also asked that this excess coll

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