Mr. President on the Go! | PBBM, nilagdaan na ang VAT on Digital Services Law - video Dailymotion

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00:00And at this point, let's talk about the update on the programs of the current administration here in Mr. President on the go.

00:24First of all, our President Ferdinand R. Marcos, Jr. passed the Value-Added Tax or VAT on Digital Services Law.

00:33This is a new law, the Value-Added Tax on Digital Services Law or Republic Act No. 12023.

00:41This was passed by our President yesterday in a ceremony in Malacanangat.

00:46Under this law, 12% of non-resident digital service providers will be exempted.

00:54This includes online search engines, online marketplaces, cloud services, online media and advertising, online platforms, and digital goods.

01:06This law targets foreign companies that are not based here in the Philippines but provide services to Filipinos.

01:15Because of this law, it is expected to generate additional income for our government to use to support the programs of our government.

01:24The government clarified that this initiative does not introduce new taxes.

01:30Instead, it only strengthens and streamlines the power of the Bureau of Internal Revenue to collect VAT on digital services.

01:38Under this law, there are measures to help digital service providers comply with the requirements under the tax code.

01:48Earlier, you mentioned the additional income that will be generated through this law.

01:52The President said that over the next five years, it is expected that there will be a collection of Php 105 billion from this law.

02:01This will be enough to build 42,000 classrooms, more than 6,000 rural health units, and 7,000 kilometers of farm-to-market roads.

02:11Aside from that, the President also mentioned that 5% of the revenues generated by this law will go to the creative industries.

02:19So, artists, filmmakers, and musicians will directly benefit from this law.

02:25Fellow countrymen, the President also added that this law is not only to ensure tax compliance because it is also a form of support for our nation-building.

02:35The aim of this law is fairness, inclusivity, and progress.

02:41It is important for the government to address the gaps in the tax system of our country that is subject to changes in the digital landscape.

02:49It is right if you are gaining profits here in the Philippine market.

02:53There is a corresponding tax responsibility.

02:55From the words of the President, if you are reaping the rewards of a fruitful digital economy here in the Philippines, it is only right that you contribute also to its growth.

03:03And that is our update on the program of our President Ferdinand R. Marcos Jr.

03:09Until next time, this is Mr. President on the go.

Mr. President on the Go! | PBBM, nilagdaan na ang VAT on Digital Services Law

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