Recto Confident President Marcos Will Sign VAT on Foreign Digital Services Bill

• Finance Secretary Ralph Recto is confident that President Ferdinand Marcos Jr. will sign a bill imposing a 12% VAT on foreign digital services
• The Department of Finance, Bureau of Internal Revenue, and Bureau of Customs are preparing implementing rules and regulations for the measure
• Lawmakers approved a harmonized version of House Bill 4122 and Senate Bill 2528 in June
• The bill aims to impose a 12% VAT on digital transactions by non-resident digital service providers like Netflix, Disney, and HBO

Source: gmanetwork.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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