Reported 4 days ago
The Philippines has enacted a 12% value-added tax (VAT) on digital services provided by foreign tech firms, such as Amazon, Netflix, and Google. This move, signed into law by President Ferdinand Marcos Jr., aims to create fair competition between foreign digital service providers and local companies. The government anticipates collecting 105 billion pesos from this tax between 2025 and 2029, with part of the revenue earmarked for the Philippine creative industries. Exemptions will be in place for educational and public interest services.
Source: YAHOO