BIR to close sellers evading tax rule on online business

Quick Summary:

THE Bureau of Internal Revenue (BIR) warned it will shut down businesses of online sellers leaving electronic marketplaces (e-marketplace) to evade the newly-imposed withholding taxes.

Failing to report this to a BIR RDO mandates the online selling platform where they are listed to automatically deduct the amount from the 1-percent creditable withholding tax.

That order imposes a withholding tax on the annual income of sellers and merchants imposed by e-marketplace operators and digital financial services providers.

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Article Details

Author / Journalist: Reine Juvierre S. Alberto

Category: BusinessStartups

Markets: Philippines

Topics: Online Revenue E-marketplaces Withholding Sellers Platform Businesses Lumagui Warned Taxes Hindi

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-17 @ 13:21:58 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 534 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 21664916

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About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 65 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 10 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #37

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