Digital platforms offered by foreign companies such as Netflix are now subject to 12 percent value-added tax (VAT) under a new law signed by President Marcos yesterday.
Republic Act 12023 or the Value-Added Tax on Digital Services Law seeks to level the playing field between local and foreign digital service providers (DSPs).
"With this law, we say that if your presence in the Philippine market is as real as your profits, then your tax responsibilities should also be equally tangible," the President said in his speech during the ceremonial signing of the law at Malacañang yesterday.
"But make no mistake, we are not imposing new taxes, we are simply strengthening the authority and streamlining the process of the BIR (Bureau of Internal Revenue) to collect value-added tax on digital services," Marcos added.
The law allows the BIR to collect VAT on digital services, including digital media, digital music, digital video games, video-on-demand and digital ads. The law also clarifies how the DSPs can comply with the VAT requirements imposed under the National Internal Revenue Code.
この記事は The Philippine Star の October 03, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は The Philippine Star の October 03, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Coron, Siargao airports up next for PPP
The government has started evaluating the offers made by the Udenna and Gokongwei groups to operate the airports in Coron and Siargao, respectively, signaling that more gateways will be transferred to private hands under the Marcos administration.
10 firms gearing up for IPOs next year
Some 10 companies are seen undertaking their initial public offerings (IPO) next year on the back of better market conditions, BDO Capital & Investment Corp.president Eduardo Francisco said.
'Power crisis looms without balanced energy mix”
The country needs a balanced approach toward energy transition, as overdependence on a single power source could lead to a dire energy crisis, according to Aboitiz Power Corp.
Slower-than-expected Sept inflation buoys stocks
The stock market soared to a new high in more than two years as the country's inflation dropped to over four-year low in September.
Inflation slows to 1.9% in Sept
Inflation eased further in September to its lowest level in more than four years, driven by the slower increase in food prices, according to the Philippine Statistics Authority (PSA).
CONVERGE FORCES GAME 5
Fired up by its 114-112 steal in Game 3, Converge sprang another ambush on mighty San Miguel Beer.
Gov't eyes $25-B investment to boost energy sector
The country aims to unlock up to $25 billion in investments from a coalition of global investors as the government rallies to secure the entire funding to power the energy sector.
Arellano stuns CSB, boosts hopes
Arellano University added another big fish to its growing NCAA Season 100 catch after it shocked leader St.
Phl Xls set friendlies
The Philippine men's and women's football teams are gearing up for testy battles overseas as part of their respective preparations for major competitions down the road.
Regional bets dominate PGT match play
Regional players turned in commanding performances in the ICTSI Junior PGT National Match Play Finals, capturing six of the eight titles disputed at The Country Club here on Friday.
