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 a...
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...
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...
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...
