Digital transactions VAT may raise ₱80B for govt

Quick Summary:

THE bill imposing a 12-percent value-added tax (VAT) on digital transactions expected enacted this week will level the playing field for local and foreign digital service providers (DSPs), streamline tax administration and shore up government coffers by at least P80 billion in revenue, Senate President Francis Joseph G.

Escudero said over the weekend.

Digital service is defined as any service supplied over the internet or other electronic network with the use of information technology and where the supply of the service is essentially automated.

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Article Details

Author / Journalist: Butch Fernandez

Category: BusinessStartups

Markets: PhilippinesMali

Topics: Escudero Measure Bill Service Online Services President Senate Transactions Philippines Digital

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-29 @ 16:07:00 (19 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 684 words

Reading Time: 4 minutes read

Sentences: 22 lines

Sentence Length: 32 words per sentence (average)

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

Copyright Owner: © Business Mirror

News ID: 22774209

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Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 54 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 12 hours ago

Coverage Areas: Philippines

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Publication Timezone: GMT +8:00

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Publisher ID: #37

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