MMTCI Metro Manila Turf Club (MMTCI) officers, led by Chairman Atty. Narciso Morales, and other stakeholders show united front.

MMTCI resolves DST issue

July 10, 2023 Robert Andaya 489 views

THE Metro Manila Turf Club (MMTCI), headed by Chairman Atty. Narciso Morales, will continue to work closely with all major stakeholders to uphold the highest standards in the horseracing industry.

Atty. Morales made the assurance as he addressed the issues surrounding the collection of Documentary Stamp Taxes (DST) and shed light on the recent complaint made by “other stakeholders” in the horse racing industry.

“The MMTCI would like to shed light on the recent complaint made by other stakeholders in the horse racing industry regarding the collection of DST by the MMTCI,”said Atty. Moralesnduring the press conference held at the Orchids Gardens Suites in Malate Manila

Also present during the press conference were Deng De Leon President Philippine Jockey Association: Ruben Tupas, President of the Philippine Horse Trainer Association; Councilor Jun Ferrer, Corporate Auditor of the MMTCI; Atty.

Ferdie Sacmar, Corporate Secretary of MMTCI; Atty. Alex Carandang, General Manager of MMTCI: Raquel Mamucod Sha, -President of MMTCI Employees Union; Rondy Prado, Racing Manager of MMTCI and jockeys.

The issue arose after a petition was filed with the Games and Amusements Board (GAB), prompting the need for clarification and transparency from the MMTCI.

“One of the primary objectives of the press conference is to educate the public about the sport of horse racing in the Philippines. This platform will allow the MMTCI to disseminate accurate information and address any misconceptions or misunderstandings surrounding the collection of DST from bettors during races held at their track in Malvar, Batangas,” the MMTCI statement said

The MMTCI also provided the details on the recent approval of a revised DST rate.

Previously, the racing club had been adhering to the 20-percent DST rate based on the Train Law.

However, the Office of the President granted approval on May 9, 2023, for a reduced rate of 10 percent. This adjustment was the result of the MMTCI’s proactive efforts and initiative, working closely with Malacañang to seek the necessary approval.

The event represents a significant step forward in addressing the concerns raised by stakeholders and providing much-needed clarity on the issue.

By engaging in open and transparent communication, the MMTCI aims to resolve any misunderstandings and foster a more positive and collaborative environment within the horse racing community.