[Ask The Tax Whiz] Effects of the POGO ban on rental properties

The Philippine Tax Whiz examines the ban on Philippine Offshore Gaming Operations (POGO) and its tax impact on the real estate owners who have leased to these operations

This is AI generated summarization, which may have errors. For context, always refer to the full article.The Philippine Tax Whiz examines the ban on Philippine Offshore Gaming Operations and its tax impact on the real estate owners who have leased to these operations

Philippine Offshore Gaming Opertors gained momentum under the Duterte administration to boost revenue and jobs. However, due to illegal activities tied to POGO hubs, President Ferdinand, promising to stop all operations by the end of the year. If I offer lower rent to attract new tenants in light of the POGO ban, will my rental income tax obligations decrease accordingly?. Your rental income tax will depend on your gross rental income, and though a decrease in revenue may mean that you could face less tax liabilities, this does not mean that you will have an automatic decrease in overall tax obligations, since this depends on your overall income and allowable deductions.

Can I claim deductions for income that I’ve lost? How about the costs associated with maintaining vacant properties, can that be deductible?, you cannot claim lost rental income as a deductible expense on your Income Tax Return . However, you can claim any deductions for costs associated with maintaining your vacant properties, as long as the property remains vacant during that taxable year.

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