- Philippines Senate reviewing Bill No. 2528 proposing 12% VAT on foreign providers of digital services
- Aims to level playing field for local providers subject to same VAT rate
- Department of Finance expects to generate P83.8 billion in revenue from 2024 to 2028
- VAT to apply to online advertisement services, digital services, and other electronic services
- Proposed legislation likely includes VAT annual sales registration threshold of PHP 3 million
- Digital services subject to VAT include online advertisements, subscription-based digital services, and various electronic services
- Effective date of VAT implementation is 6th February 2024
Source: tpa-global.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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