PBBM, nilagdaan ang batas na magpapataw ng VAT sa non-resident digital goods at services

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Transcript

00:00In our news, President Ferdinand R. Marcos Jr. has already passed a law

00:05on how to settle the value-added tax of VAT on non-resident digital goods and services.

00:12The details of the report are provided by Kenneth Paciente. Kenneth?

00:17President Ferdinand R. Marcos Jr. has already signed the proposed law

00:21on how to settle the value-added tax on foreign digital services.

00:25In a ceremony earlier, the President passed Republic Act No. 12023

00:31or the Value-Added Tax on Digital Services Law.

00:34Under the law, there will be an additional 12% tax on non-resident digital service providers

00:41including online search engines, online marketplaces, cloud services, and others.

00:47According to the President, this law aims to help the government generate additional revenue

00:53and be fair to local e-commerce providers.

00:56In fact, it is expected that up to Php 7.25 billion will be collected in 2025

01:03and Php 105 billion until 2029.

01:06According to the President, 5% of the total VAT that will be collected each year

01:11will be allocated to the local creative industry and other sectors of the government for nation-building.

01:17The additional tax on educational platforms will not be exempted

01:22as long as they are still accessible.

01:25The President also urged digital service providers to follow the law

01:30and to be regulated by the relevant government agencies

01:34so that it can be effectively implemented.

01:37That is all for the latest. Back to you, Nina.

01:41Thank you very much, Kenneth Paciente.

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Transcript

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