- Philippine Senate approved a bill for a 12% VAT on digital transactions on foreign online marketplaces
- Expected revenue of P83.8 billion from 2024 to 2028
- Marketplaces without physical presence in the Philippines must withhold and remit VAT
- Internal Revenue commissioner can block or suspend services of providers who fail to pay VAT
- Asian Development Bank suggested expanding taxes to digital services for revenue collection
- Senator Gatchalian emphasized the importance of fair tax policies for digital service providers
Source: bworldonline.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
