- Philippines is behind other countries in implementing a 12% VAT on digital transactions
- Senate Bill No. 2528 aims to require foreign online streaming platforms to pay VAT
- At least 15 countries already have laws on digital service taxes
- Digital taxes could level the playing field between online and conventional businesses
- Implementing digital taxes may make services more expensive for consumers
- The government expects to earn P83.3 billion in revenue from 2024 to 2028 through this measure
- Enforcing the measure on nonresident personalities may be a challenge
Source: bworldonline.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.
