The Department of Finance (DOF) has projected P145 billion in additional revenues if the government will impose the 12-percent value added tax (VAT) on digital transactions from 2024 to 2028.
The DOF disclosed this at a Senate hearing on bills seeking to collect VAT from digital service providers.
The DOF’s projection includes collection of VAT from digital media which includes digital music, video games, and video-on-demand or streaming platforms. Napao clarified that the government is not imposing new taxes, but is simply strengthening the Bureau of Internal Revenue’s authority to collect VAT on digital transactions.
“They are not in the Philippines. They are not registered. So we cannot even audit them. They are not here. We cannot look at their books. So that’s really the legal constraints,” Barcelo said. “So I think that it is high time to capture and not lose out on significant potential revenues that can increase or shore up these VAT on these transactions,” he added.
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