Marcos signs law to impose VAT on foreign digital services

gmanetwork.com — October 2, 2024 at 02:01 AM UTC

President Ferdinand Marcos Jr. has signed a new law imposing a 12% value-added tax (VAT) on digital services from foreign companies. This law aims to create fair competition between traditional and digital businesses. The law, known as Republic Act 112023, was signed at Malacañang Palace. It includes measures to help digital service platforms comply with VAT requirements. Previously, there was no VAT on foreign digital services. The government estimates this tax could generate around 20 billion pesos annually.

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Timeline:

[3.5]

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[3.5]

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[3.3]

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[3.3]

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[3.0]

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[2.9]

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[3.0]

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[3.2]

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