The Congressional Bicameral Conference Committee has approved its joint version of the bill imposing value-added tax (VAT) on nonresident digital service providers to ensure a fair competitive environment for local companies.
The Congressional Bicameral Conference Committee has approved its joint version of the bill imposing value-added tax on nonresident digital service providers to ensure a fair competitive environment for local companies.
Salceda, who filed the first version of the VAT on digital service providers in 2020 during the Covid-19 pandemic, said protections for small businesses, such as the Barangay Micro Business Enterprise Law and the Ease of Paying Taxes with respect to risk-based audits, will still apply. “What the DOF proposal simply does is that instead of paying their percentage taxes at the end of the year, the taxes will be withheld by the e-commerce site,” Salceda added.
“We also negotiated with the Department of Finance to keep the earmarking provision in the House version. My counterparts in the Senate also agreed to the earmarking,” Salceda said.
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