In November 2022, the House of Representatives approved House Bill (HB) No. 4122, which amends the National Internal Revenue Code (the Tax Code) by imposing a 12% value added tax (VAT) on digital transactions. HB No. 4122 is currently pending before the Senate. To become law, HB No. 4122 must also be passed on three readings by the Senate and approved by the president.
Source: syciplaw.com
Latest Posts in "Philippines"
- Philippine Court Clarifies VAT Refund Rules for Zero-Rated Sales and Documentation Requirements
- Philippines Tax Court Clarifies Rules on Validity of VAT Deficiency Assessments in Recent Decision
- FDA Releases Updated List of 69 VAT-Exempt Medicines Covering Major Diseases
- Accumulated Input VAT: The Dilemma of Domestic Market Enterprises Under the CREATE MORE Act
- FDA Removes Bosentan from VAT-Exempt List, Adds 69 New Medicines for Various Diseases
