The Bureau of Internal Revenue (BIR) is banking on the imposition of withholding tax on online sellers to boost its full-year collection after missing nearly 10 percent of its target in the first semester.
On the sidelines of the Third Wave Digital Initiatives launch of the Securities and Exchange Commission yesterday, BIR Commissioner Romeo Lumagui Jr. said the recently imposed one percent withholding tax on online seller s is expected to boost the agency’s revenue collection this year.
The first semester performance, however, was nine percent lower than the P1.48 trillion target to be collected during the six-month period. “This withholding tax will give us visibility on the online industry and determine how much it’s really worth,” he said. He added that other businesses should laud the initiative as this would level the playing field among brick and mortar stores that are paying taxes.
“If we see platforms allowing unregistered online sellers, they are also at risk of being shut down,” Lumagui said. This includes the marketplace for online shopping; food delivery platforms; platforms for booking of resort, hotel, motel, inn, house, condominium unit, bed space, room for rent and other similar lodging accommodations, and other service or product marketplaces.Get ready for a slam dunk this July 21! vivo 3x3 Basketball Challenge is backSM Investments Corp., the investment holding company of the Sy family, is set to foray in the offshore debt market to raise...
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