The Department of Finance made its push to impose VAT on digital service providers at a hearing of the Senate committee on ways and means on measures imposing the new taxes.
DOF Undersecretary Dakila Elteen Napao said the new VAT will be imposed on digital service providers, including online licensing software, website filters and firewalls, mobile applications, video games, webcasts and webinars, digital music, files, images, text and information, an electronic marketplace, search engine
services, social networks, cloud storage services, online newspapers, journal subscriptions and payment processing services, among others.“Assuming that there will only be 70 percent compliance among those digital service providers… in 2024 alone, there will be a P17.64 billion additional collection,” said Napao. —CHARIE ABARCA
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DOF: P145-B additional revenues with VAT on digital transactionsThe 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.
Read more »
DOF: VAT on digital services to raise billions for gov’tThe imposition of VAT on digital service providers can generate billions in revenue that may be beneficial to the country’s socio-economic programs, said the Department of Finance. | charieabarcaINQ
Read more »
Department of Transportation opens central hotline for public concernsThe Department of Transportation (DOTr) has opened a central hotline that the public can call for concerns and complaints on
Read more »
Finance professional skills of the future | James Patrick BonusAS a finance professional, it is essential to stay ahead of the curve and constantly adapt to the dynamic landscape of the finance industry. I recently had the privilege of being invited as a resource person to participate in a comprehensive review of a financial management curriculum in a prestigious…
Read more »
SALE ALERT | All these lipsticks are Buy-One-Take-One this National Lipstick Month | BMPlusTime to restock your lipstick must-haves with these Buy-One-Take-One deals from your favorite makeup brands at Watsons and SM Beauty Department Stores. It’s that time of year again,National Lipstick Month has officially kicked off at Watsons and SM Beauty Department Stores and here are all the big sale offers and…
Read more »