House Ways and Means chair Rep. Joey Salceda has refiled the Digital Economy Value Added Tax (VAT) Law in the 19th Congress.
House Ways and Means chair Rep. Joey Salceda has refiled the Digital Economy Value Added Tax Law in the 19th Congress.
In his explanatory note, Salceda enumerates digital services which include “advertising, subscription-based services, and other online services that can be delivered through the internet” should be considered “VAT-able.” “It goes without saying that the digital economy should be subject to VAT, but we are unable to capture these revenues because of ambiguities in tax laws,” he said.
Salceda estimates that the VAT taxation on digital transactions plus a digital economy taxation service could–over the course of five years–yield P226.5-billion in revenue.
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