THE Department of Finance announced last Wednesday that top executives of Netflix Inc. (Nasdaq: NFLX) expressed support on the DOF move to impose a 12-percent value-added tax (VAT) on resident and nonresident digital service providers.
THE Department of Finance announced last Wednesday that top executives of Netflix Inc. expressed support on the DOF move to impose a 12-percent value-added tax on resident and nonresident digital service providers.
The DOF added that NFLX representatives “expressed strong support for the measure, emphasizing that it would level the playing field between local and international digital service providers.” Taxing resident or nonresident digital service providers in the Philippines will usher in P10.867 billion in revenues for the government in 2025, P21.346 billion in 2026 and P22.811 billion in 2027 based on DOF’s estimates.
On withholding taxes for percentage taxpayers, the Secretary of Finance will set the tax rates for those not covered by VAT. Instead of taxpayers paying their percentage taxes at the end of the year, the taxes will be withheld by the e-commerce site.
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