President Ferdinand “Bongbong” Marcos Jr. is seeking to impose tax on digital transactions which could generate P11.7 billion next year.
“Our tax system will be adjusted in order to catch up with the rapid developments of the digital economy, including the imposition of value-added tax on digital service providers,” Marcos said in his first State of the Nation Address on Monday.The President’s chief economic manager, Finance Secretary Benjamin Diokno, has been vocal proposing theas a way for the government to earn additional revenues.
“We will pursue measures to determine possible undervaluation or trade mis-invoicing of imported goods,” he said. “Through information and communications technology, the Bureau of Customs will promote streamline processes,” he added.
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