The Metro Manila Turf Club (MMTC) is looking for ways to provide more benefits for its stakeholders and partners, and possibly higher winning prizes for the betting public following the presidential approval to lower the Documentary Stamp Taxes (DST) imposed on the horseracing industry.
The MMTCI said that President Ferdinand Marcos Jr., has already signed the petition to lower the DST from 20 percent to just 10 percent last May 9 and they are now working with the Games and Amusement Board (GAB) to re-calibrate the machine that automatically deducts the old rate from the gross sales.
The delay in the process has resulted in minor confusion and what MMTCI claimed as unfounded accusations by some quarters on social media.
“During that period, no adjustment in the collection of the BIR from 20 percent to 10 percent was made since the machine that the GAB has control over wasn’t adjusted. It is the GAB that can adjust the machine and configure the DST to 10 percent and not the MMTCI. The machine has been automatically configured to deduct 20 percent from the dividends. I hope this is clear to all of us,” said MMTCI chairman Atty. Narciso Morales.
MMTCI Corporate Auditor June Ferrer said they are now working to consolidate the finances and will check with the Bureau of Internal Revenue on how to refund the overpayment.
The 20 percent tax levied on horseracing was part of the Train Law that was imposed by the previous administration, but it was re-considered by the Malacañang because it is putting a heavy toll on the industry that provides a livelihood for 20,000 people.
Morales said that they are willing to repay whatever funds that will be recovered for the jockeys, trainers, and other stakeholders.
“We want to clarify that whatever share na nararapat ibigay sa gobyerno ay nabibigay natin lahat yan. And pag naayos na yang 10 percent deduction na lang ang automatic na madeduct sa machine, that means mas lalaki ang premyo para sa stakeholders at sa mananaya.”
“The MMTCI, along with its officials and stakeholders, has put its best foot forward in making sure that the Philippine horseracing industry stays afloat and healthy throughout the pandemic and the welfare and livelihood of its employees remain intact” Morales added.
The MMTCI officials, which also included Corporate Secretary Ferdie Sacmar, were accompanied in the conference by Deng De Leon, president of the Philippine Jockey Association, Ruben Tupaz, President of the Philippine Horse Trainers Association, and MMTCI Employees Union president Racquel Mamucob, who all expressed their full support to the efforts of MMTCI.
“Kami po (hinete) ay buo ang suporta sa pamunuan ng MMTCI at naniniwala po kami na kung anumang di pagkakasunduan in the future ay napag uusapan naman po, “said De Leon.
MMTCI, which holds races in Malvar, Batangas, is the only remaining horseracing club after its franchise was renewed by Congress in 2021 to operate for another 25 years.