Tax collecctions on horse racing suffered a major setback when R.A. 7600 was promulgated in 1994. Horse racing afficcionados are discouraged to invest because of the fear that the taxation scheme by be restructured with every change in admission. The measure seeks to stabilize the Philippine racing industry by restructuring the tax scheme on horse racing. It proposes to impose a documentary stamp tax of five centavos on each horse race ticket provided that if the cost of the ticket exceeds one peso, and additional tax of five centavos for every one peso or fraction thereof shall be collected. Furthermore, the bill seeks to levy a 4& tax on winnings or dividends of horse race bettors and a 10% tax on the total prize earned by the owners of winning horses.