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.
This story is from the October 03, 2024 edition of The Philippine Star.
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This story is from the October 03, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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