May application of VAT on DSPs to raise ₱7.25B

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The story "May application of VAT on DSPs to raise ₱7.25B" was covered 1 days ago by Business Mirror, a news publisher based in Philippines.

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May application of VAT on DSPs to raise ₱7.25B - Business Mirror

Quick Summary:

THE imposition of value-added tax (VAT) on digital service providers (DSPs) is set to begin this May and is expected to generate P7.25 billion in revenue for the government that year, according to the Department of Finance (DOF).

Asuncion said the full implementation of the 12-percent VAT on resident and foreign DSPs will commence on May 16.

She also bristled with the idea that the law would prompt price hikes.“I don’t think it’s fair to say that it’s the law that’s causing the price increase.