THE imposition of withholding taxes on online vendors could boost the revenue collection of the Bureau of Internal Revenue (BIR) and allow the agency to hit next year's target.
THE imposition of withholding taxes on online vendors could boost the revenue collection of the Bureau of Internal Revenue and allow the agency to hit next year's target.'It will be easier for us if the online process goes well. We expect that there will be a lot of transactions online, and we've seen that while the Bureau of Internal Revenue's tax efficiency is improving,' Tax chief Romeo Lumagui Jr.
An exemption also applies if the seller or merchant does not have to pay or is subject to a lower income tax rate as per any existing law or treaty.The bureau said that gross remittances of P500,000 included the combined amount of remittances received by the seller or merchant for the sale of goods and services from all e-marketplace operators and digital financial services providers.
Sellers Tax Seen Boosting BIR Revenues
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