Philippines imposes 12% tax on streaming services like Netflix and HBO

firstpost.com — October 2, 2024 at 09:00 AM UTC

The Philippines has introduced a 12% value-added tax on streaming services like Netflix and HBO, following a law signed by President Ferdinand Marcos Jr. This tax also applies to online search engines, media, advertising platforms, and e-commerce sites. The new tax aims to generate revenue for the country, with expectations of raising $307 million in the first year. The Department of Finance projects total revenue of about 84 billion pesos by 2028, with 5% earmarked for the creative industry. This move may encourage the growth of local streaming platforms as global companies expand their presence in the Philippines, which has a population of over 110 million.

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[3.5]

Philippines imposes 12% VAT on foreign digital services to boost local competition (gmanetwork.com)

161d 18h

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[3.5]

Philippines introduces 12% VAT on digital services from Amazon, Netflix, and others (khaleejtimes.com)

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[3.3]

BIR clarifies VAT on foreign digital services is not a new tax (gmanetwork.com)

163d 2h

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[3.3]

Philippines to impose 12% VAT on digital services from foreign firms (hindustantimes.com)

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Philippines imposes 12% VAT on foreign digital service providers to raise P105 billion (newsinfo.inquirer.net)

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[2.9]

Philippines imposes 12% tax on streaming services like Netflix and HBO (firstpost.com)

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Philippines imposes 12 percent VAT on foreign digital services providers (inquirer.net)

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Philippines imposes 12% VAT on digital services from foreign providers (inquirer.net)

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