Ceremonial Signing of the Value Added Tax on Digital Services Law 10/2/2024
ฝัง
- เผยแพร่เมื่อ 2 ต.ค. 2024
- Ceremonial Hall, Malacañan Palace
October 2, 2024
President Ferdinand R. Marcos Jr. signs the Value Added Tax (VAT) on Digital Services Law at the Ceremonial Hall in Malacañan Palace on October 2, 2024.
Known as Republic Act (R.A.) No. 12023, the new Law imposes a 12 percent VAT on non-resident digital service providers (DSPs) to generate additional revenue for the government and to level the playing field for local providers. This Law encompasses various services such as online search engines, online marketplaces, cloud services, online media and advertising, online platforms and digital goods.
Considered one of the priority measures of the Marcos Administration, this Law aims to address revenue losses due to ambiguities in existing legislation regarding the taxation of e-commerce transactions. It specifically targets foreign companies not based in the country that continue to provide services to Filipino consumers.
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