- Philippines proposes 12% VAT on digital services
- Draft revenue regulations released on 8 November 2024
- Act applies to non-resident DSPs offering services in Philippines
- BIR releases flyer summarizing new regulations
- Digital services include online search engines, cloud services, online media, etc.
- DSPs, resident or non-resident, liable for assessing, collecting, and remitting VAT
- All DSPs required to register for VAT
- Compliance requirements include simplified registration system, mandatory invoicing, mode of correspondence, and VAT-exempt transactions.
Source: regfollower.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.
Latest Posts in "Philippines"
- Quimbo: Suspending VAT on Fuel Unlikely, Warns of Revenue Loss and Limited Consumer Benefit
- Philippines Proposes Lower VAT Rate, Exempting Luxury and Harmful Goods
- Philippine Senate Proposes Automatic Suspension of Fuel VAT, Excise Taxes During Oil Price Surges
- Philippines Court Clarifies Rules on Refunds of Excess Unutilized Input VAT for Zero-Rated Sales
- Philippines Court Clarifies Rules on Unutilized Input VAT Refunds for Zero-Rated Sales
