12% VAT on Digital Transactions to Boost Government Revenue by ₱80 Billion

• Senate President Chiz Escudero expects VAT on digital transactions to increase government revenue by at least ₱80 billion
• The measure is a priority for the administration and expected to be signed by President Ferdinand “Bongbong” Marcos Jr.
• The aim is to capture revenues lost due to ambiguity in existing laws on e-commerce taxation, especially from foreign companies serving local consumers
• The new law ensures that all businesses, big or small, pay taxes, including large foreign companies making profits from Filipino consumers
• Other countries, including neighboring nations, have already imposed similar taxes on digital services and transactions

Source: maharlika.tv

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.

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