PBBM, nilagdaan na ang panukalang VAT sa foreign digital service providers

PTVPhilippines

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Transcript

00:00President Ferdinand R. Marcos Jr. has already signed a law that will give 12% VAT to foreign digital service providers or DSPs.

00:10It is expected to bring a revenue of P100 billion for the government within 5 years.

00:17Kenneth Paciente is back.

00:21If you are reaping the rewards of a fruitful digital economy here, it is only right that you contribute also to its growth.

00:29That is what President Ferdinand R. Marcos Jr. agreed to

00:33in accordance with his amendment to Republic Act No. 12023

00:37or the Value-Added Tax on Digital Services Law,

00:40the law that will create an additional 12% tax for foreign digital service providers or DSPs,

00:47including online search engines, online marketplaces, cloud services, and others.

00:54According to the President,

00:55this law will help the government to generate additional revenue and be fair to local e-commerce providers,

01:04especially to those who pay VAT to local DSPs.

01:07But their foreign competitor is taking advantage of the tax advantage

01:11that will result in unfair competition and disadvantage for local businesses.

01:24then your tax responsibility should also be equally tangible.

01:29But make no mistake, we are not imposing new taxes.

01:33We are simply strengthening the authority and streamlining the process of the BIR

01:38to collect value-added tax on digital services.

01:42Under the law, it is expected that P7.25 billion will be collected in 2025,

01:48which is equivalent to P105 billion by 2029.

01:52According to the President,

01:535% of the total VAT that will be collected each year will be allocated to the local creative industry

01:59and other sectors of the government for nation-building.

02:03Notwithstanding the additional tax,

02:06educational public interest services such as online courses, webinars,

02:11and other digital educational offerings are still easily accessible.

02:17To our partners in the digital space,

02:19let this be seen as an invitation to help build a Bagong Pilipinas

02:25where innovation flourishes, especially as we promote competition.

02:30I call for the support of all the companies and entrepreneurs who will be covered by this law.

02:35The Executive Board also ordered the relevant government agencies

02:39to ensure the proper implementation of the new law.

02:43Kenneth Paciente, for Pambansang TV, in Bagong.

02:49Pilipinas.

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