THE imposition of value-added tax (VAT) on digital service providers (DSPs) is set to begin this May and is expected to generate P7.25 billion in revenue for the government that year, according to the Department of Finance (DOF).
THE imposition of value-added tax on digital service providers is set to begin this May and is expected to generate P7.25 billion in revenue for the government that year, according to the Department of Finance .
As the government aims to collect P4.644 trillion in revenues this year, the new tax measure is seen to add P7.25 billion to the collection. “We hope that we have the proper implementation a lot of the DSPs would comply so that we really reap the benefits of this measure,” Asuncion said. The Bureau of Internal Revenue is expected to issue the corresponding Revenue Regulation next week and to brief DSPs about the law beginning this month. The BIR can suspend business operations for non-compliance and block access to services of DSPs in the Philippines until these businesses meet the proper registration and VAT remittance obligations.
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