- Philippines proposes 12% VAT on digital services
- Draft revenue regulations released on 8 November 2024
- Act applies to non-resident DSPs offering services in Philippines
- BIR releases flyer summarizing new regulations
- Digital services include online search engines, cloud services, online media, etc.
- DSPs, resident or non-resident, liable for assessing, collecting, and remitting VAT
- All DSPs required to register for VAT
- Compliance requirements include simplified registration system, mandatory invoicing, mode of correspondence, and VAT-exempt transactions.
Source: regfollower.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.
