PRESIDENT Ferdinand Marcos Jr. on Wednesday signed a law imposing value-added taxes (VAT) on foreign digital service providers (DSPs) such as streaming platforms Netflix and Disney+ as well as e-commerce site Amazon.
PRESIDENT Ferdinand Marcos Jr. on Wednesday signed a law imposing value-added taxes on foreign digital service providers such as streaming platforms Netflix and Disney+ as well as e-commerce site Amazon.Republic Act 12023, or the Value Added Tax on Digital Services Law, a priority measure of the administration, imposes a 12-percent VAT on non-resident DSPs to generate additional revenue for the government and to level the playing field for local providers.
In addition, the President said that 5 percent of the revenues generated by RA 12023 would be allocated to the creative industries.'This means our artists, filmmakers, musicians — the very people who fill our platforms with stories and with content — will directly benefit,' Marcos said.'It ensures that our creative talents are not just surviving in a competitive digital market but will be allowed to prosper.
Approves VAT On Foreign Digital Services
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