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President Ferdinand “Bongbong” Marcos Jr. on Wednesday signed into law the measure seeking to impose a 12% value-added tax on digital services provided by foreign companies. The ceremonial signing of Republic Act of 112023 took place at the Ceremonial Hall of Malacañang Palace.
The newly-signed law aims to strengthen and streamline the Bureau of Internal Revenue's authority to collect VAT on digital services by providing measures on how digital service platforms can comply with VAT requirements imposed by the Tax Code.In June, lawmakers approved the harmonized version of House Bill 4122 and Senate Bill 2528 during the bicameral conference.The reconciled version of the bill seeks to slap a 12% VAT on digital transactions by non-resident digital service providers.
Digital Services Digital Services Tax
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