House OK’s tax on foreign digital services, removal of tax exemption on pickups - BusinessWorld Online

THE HOUSE of Representative on Tuesday approved on second reading three priority tax measures, which seek to remove the tax exemption on pickup trucks and impose taxes on foreign digital services and single-use plastic bags. READ

“The measures could yield a total of P47 billion annually,” Albay Rep. Jose Ma. Clemente S. Salceda, who chairs the House Ways and Means Committee, said in a statement.

HB 4339 proposes to rationalize the documentary stamp tax regime by imposing a single rate on the original issue of shares and units of participation of collective investment schemes. It also seeks to remove the DST on documents required for routine transactions. This would also amend the National Internal Revenue Code of 1997 to include a section that would require foreign digital service providers to collect and remit VAT for all transactions that are done through their platforms.

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