THE Philippine Chamber of Commerce and Industry (PCCI) welcomed the enactment of Republic Act (RA) 12023, which imposes a 12-percent value-added tax (VAT) on foreign digital service providers (DSPs), saying the new law promotes fair competition and will boost domestic businesses of similar nature.
THE Philippine Chamber of Commerce and Industry welcomed the enactment of Republic Act 12023, which imposes a 12-percent value-added tax on foreign digital service providers , saying the new law promotes fair competition and will boost domestic businesses of similar nature.President Ferdinand Marcos Jr. on Wednesday in Malacañang signed RA 12023, which aims to generate additional revenue for the government and level the playing field for local DSPs.
Also included are cloud services or platforms with streaming and downloadable digital content, such as Netflix, Amazon, Disney+, HBO Go, Apple TV, among others, and online marketplaces such as Lazada, Shopee, Amazon, and the like.The new law will likewise set aside 5 percent of revenues for the Philippine creative industry to provide direct benefits to Filipino artists, including musicians and filmmakers.
Group Welcomes Tax On Digital Services
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