- The Philippine Bureau of Internal Revenue has issued a circular clarifying withholding tax rules for e-marketplaces and digital financial services providers.
- The circular includes the effective date of withholding tax obligations, a 90-day compliance period, and requirements for unregistered sellers and merchants to comply with the regulation.
- There is a creditable withholding tax exemption for gross remittances below 500,000 Philippine pesos, with conditions for remittances exceeding this amount.
- Sellers and merchants are obligated to register and provide proof of exemption, while e-marketplace operators have declaration requirements and obligations such as verifying seller registration and withholding taxes.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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