- Senate approved a bill imposing 12% VAT on digital services
- Expected to bring in P83.8 billion in revenue from 2024 to 2028
- Proposed changes to the National Internal Revenue Code
- Definition of digital service and digital service provider
- VAT registration required for providers with gross sales exceeding P3 million
- Nonresident providers required to register for VAT
- Remittance of VAT to BIR by consumers who are VAT-registered
Source: grantthornton.com.ph
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.
