The tax remittance is the final piece in the full and proper implementation of Section 26 of Republic Act 6847, otherwise known as the PSC Act.
Section 26 specifically indicates that funds generated from the PAGCOR, PCSO and the three percent of taxes from imported sports equipment are to be used to finance the country’s integrated sports development program. However, the PSC failed to receive the tax remittance since its establishment in 1990.
"This is certainly a boost to the government sports agency’s development program and should benefit national athletes and local sports, in general,"said Buhain.
PSC commissioner Michael Barredo spearheaded the move to implement the tax remittance together with James Roldan, director for Revenue Operations for the DOF, assistant commissioner Gil Valera of the Bureau of Customs and other officials of concerned agencies.
Also present during the signing were USEC Cornelio Gison of the DOF, commissioner Barredo, and officials from the Bureau of Customs and DOF.
Discussions took place for several months before the details of the Joint Circular concerning the implementation were finalized. The agencies have also agreed to closely work together and monitor the proper collection and utilization of the amount remitted in order to ensure the success of the agreement.