Compliance is high among foreign digital giants, as the Bureau of Internal Revenue (BIR) reported strong initial collections from the value-added tax (VAT) on digital services. Total tax haul from the imposition of the 12-percent consumption levy on digital services in June has reached ₱2.8...
Downward Philippine inflation in the near term would be slightly offset by the new law imposing 12-percent value added tax (VAT) on digital services, Singapore-based United Overseas Bank (UOB) said. In an Oct. 4 report, UOB senior economist Julia Goh and economist Loke Siew Ting noted that there is...
The Philippine Chamber of Commerce and Industry (PCCI) said that the imposition of value-added tax (VAT) on non-resident digital service providers creates a fairer competitive landscape for local businesses. In a statement, Enunina Mangio, PCCI president, said the recent signing of the VAT on...
President Marcos has signed into law Republic Act (RA) No. 12023 or the Value Added Tax (VAT) on Digital Services Law which imposes a 12-percent VAT on digital service providers (DSPs) to level the playing field for local providers and generate additional revenue that will be used to build more...
The Department of Finance (DOF) said that President Marcos will soon sign the law imposing value-added tax (VAT) on foreign digital service providers, such as Netflix. During a Senate Finance subcommittee hearing on Tuesday, Aug. 27, Finance Secretary Ralph G. Recto said the DOF and the Bureau of...
The Securities and Exchange Commission (SEC) has ordered Infinity8Networks Digital Services OPC and related entities to stop illegally soliciting investments from the public. In an order dated Jan. 16, the Commission En Banc directed Infinity8Netoworks to immediately cease and desist from further...
The Securities and Exchange Commission (SEC) announced its revocation of the corporate registration of Infinity8Networks Digital Services OPC and the slapping of an administrative fine of P1 million against the firm for illegally soliciting investments from the public. In an order, the SEC...
Some of the tax measures that President Ferdinand “Bongbong” Marcos Jr. is pushing may face rough sailing in the Senate, Sen. Francis “Chiz” Escudero said on Thursday, July 27. Some of these tax measures, Escudero said, may even be blocked, especially if they will cause misery to an already...
The Department of Finance (DOF) clarified that the imposition of value-added tax (VAT) on digital transactions only aims to ensure that everybody pays his fair share of taxes. Finance Secretary Benjamin E. Diokno said the proposed VAT on electronic or digital services does not impose new taxes,...
