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THE House of Representatives and Senate approved a bill seeking to put value added tax on non-resident digital service providers .This was announced in the House's website, wherein the bicameral conference committee report that reconciled both House Bill 4122 and Senate Bill 2528 was ratified by both chambers of the Congress on July 30, 2024.The Department of Finance earlier estimated that the measure could bring in about P83.8 billion in revenue from this year through 2028.
Nonresident providers must register for VAT if their gross sales exceed P3 million annually. Online marketplaces are responsible for remitting VAT on transactions by foreign sellers under specific conditions. Lawmakers have indicated that approximately five percent of the revenue would be earmarked for the development of creative industries.
Senate Of The Philippines Philippine Congress VAT Value Added Tax Non-Resident Digital Service Providers Digital Service Providers Digital Services
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