Philippines to impose 12% VAT on digital services from foreign firms

hindustantimes.com — October 3, 2024 at 04:01 AM UTC

The Philippines will introduce a 12% value-added tax (VAT) on digital services from companies like Amazon, Netflix, and Disney. This change aims to create fair competition with local businesses, which previously bore the tax burden alone. President Ferdinand Marcos Jr. signed the law on Wednesday, allowing the government to collect an estimated 105 billion pesos ($1.9 billion) from the VAT between 2025 and 2029. A portion of this revenue will support the country's creative industries. Currently, only domestic digital service providers pay the VAT. The new tax will apply to foreign firms if their services are consumed in the Philippines. Educational and public interest services will be exempt from the tax.

With a significance score of 3.3, this news ranks in the top 17% of today's 17171 analyzed articles.

Get summaries of news with significance over 5.5 (usually ~10 stories per week). Read by 9000 minimalists.

Timeline:

[3.5]

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

161d 18h

Link Source

[3.5]

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

163d 0h

Link Source

[3.3]

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

163d 2h

Link Source

[3.3]

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

163d 2h

Link Source

[3.0]

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

163d 7h

Link Source

[2.9]

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

163d 21h

Link Source

[3.0]

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

163d 23h

Link Source

[3.2]

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

164d 1h

Link Source