- House of Representatives and Senate approved a bill imposing VAT on non-resident digital service providers
- Estimated revenue of P83.8 billion from 2024 to 2028
- 12 percent VAT on digital services consumed in the Philippines
- Nonresident providers must register for VAT if gross sales exceed P3 million annually
- Online marketplaces responsible for remitting VAT on transactions by foreign sellers
- Five percent of revenue earmarked for development of creative industries
- Bill strengthens Bureau of Internal Revenue’s authority to impose and collect VAT on digital services
- Commissioner of the BIR given power to block or suspend services of providers who violate VAT rules
- Bill to be sent to President Ferdinand Marcos Jr. for approval
Source: sunstar.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.
