- The Philippines is exploring regional pacts to tax digital transactions
- Options include signing tax treaties with ASEAN and EU
- The goal is to make multinational online platforms share information for tax collection
- The measure aims to impose VAT on digital service providers like Netflix and Spotify
- The legislation is expected to bring in P83.8 billion in revenues from 2024 to 2028
- The country may consider an incremental approach and enter into agreements with regional blocs like ASEAN and EU to counterbalance larger economies.
Source: business.inquirer.net
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"
- Kiko Barzaga Proposes Abolishing 12% VAT for Greater Financial Freedom in the Philippines
- VAT Reduction to 10% Risks Fiscal Deficit, Benefits Wealthy, Warns Philippine Finance Department
- BIR Collects P2.8B from Digital Services VAT, Exceeds Compliance Expectations with 371 DSPs Registered
- BIR Falls Short of VAT Collection Target by P6.37 Billion in First Seven Months
- Philippine Court Clarifies Input VAT Refunds for Zero-Rated Sales in Electricity Sector Case
