- Philippines Senate approves legislation for VAT on overseas e-services
- 12% VAT will apply to services by overseas businesses without physical operations in the Philippines
- Exceptions for certain education-related and financial services
- VAT to be collected and remitted by overseas suppliers for B2C supplies
- Reverse charge mechanism for B2B supplies
- VAT registration required for overseas suppliers with PHP3m turnover or more
- Legislation requires approval from the President to become law.
Source: answerconnect.cch.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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