Philippines imposes 12% VAT on digital services from foreign providers

inquirer.net — October 2, 2024 at 05:01 AM UTC

President Ferdinand Marcos Jr. has signed a new law imposing a 12% value-added tax (VAT) on digital services from foreign providers. This law targets services like streaming, online advertising, and software licensing. The law, known as Republic Act No. 12023, aims to address revenue losses from unclear tax regulations on e-commerce. It is expected to generate between 80 billion and 145 billion pesos from 2025 to 2028. This legislation updates the National Internal Revenue Code of 1997 to reflect changes in the economy due to technology. It specifically focuses on foreign companies serving Filipino consumers.

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Timeline:

[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)

163d 0h

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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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[3.0]

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)

163d 21h

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[3.0]

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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