The Philippines House of Representatives approved a bill imposing VAT on nonresident digital services companies. Philippines’ new digital services VAT will be set at 12%.
The new VAT applies to streaming services, as well as other transactions that take place via digital platforms.
The Philippines is a major market for social media and other digital services. The government hopes to raise 29 billion pesos in revenue, which will help with the economic recovery in the wake of Covid.
Source: vatglobal.com
