VATupdate
VAT

House committee OKs VAT on digital transactions

Deadline for registration of online sellers extended

Digital consumers may soon find themselves paying taxes for their digital transactions and platforms like Netflix and Spotify.

The House committee on ways and means yesterday approved its chair Albay Rep. Joey Salceda’s bill which seeks to impose a 12-percent value-added tax (VAT) on all digital transactions and platforms.

This developed as the Bureau of Internal Revenue (BIR)  extended the deadline for business registration of those into digital transactions, or the updating of status with no penalty imposed, to August 31, as online merchants who wished to cooperate asked for more time to comply

Source Malaya business insight

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