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Manila Bulletin

Business

Online sellers' tax withholding deadline extended

Business

Online sellers' tax withholding deadline extended

By Chino S. Leyco

The Bureau of Internal Revenue (BIR) has decided to extend the transition period for the implementation of a one percent withholding tax on online merchants.

Based on BIR memorandum circular no. 54-2024, electronic marketplace operators and digital financial services providers now have until July 14 this year to make necessary adjustments before the actual enforcement of the withholding tax begins.

The deadline was initially set by the BIR on April 14, 2024.

Previously, Revenue Regulations No. 16-2023 was introduced by the BIR, outlining the imposition of a one percent withholding tax on half of the total remittances made by e-marketplace operators and digital financial services providers to merchants for goods or services sold through their platforms.

Gross remittance refers to the complete amount received by these operators or providers from transactions conducted on their platforms.

“Inusog po ang deadline sa July 14, 2024 upang mas makapag-adjust ang mga electronic marketplace operators sa mga pagbabago na buhat ng Revenue Regulations No. 16-2023,” BIR Commissioner Romeo D. Lumagui Jr. said.

[The deadline was moved to July 14, 2024 to allow electronic marketplace operators to better adjust to the changes brought about by Revenue Regulations No. 16-2023.]

Digital financial services providers, functioning as intermediaries for online transactions, encompass a range of services such as mobile payment solutions, banking services, and credit card processing.

Under this BIR regulation, these platforms are now mandated to levy a one percent tax on half of the total funds disbursed to their partner sellers or merchants.

Related Tags

Bureau of Internal Revenue (BIR) BIR Commissioner Romeo D. Lumagui Jr. online sellers

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