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Marcos Signs Law Imposing 12% VAT on Digital Services, Expected to Generate P105 Billion
Oct 2, 2024, 02:37 AM
Philippine President Ferdinand Marcos Jr. on Wednesday signed a law imposing a 12% value-added tax (VAT) on non-resident digital service providers, including popular platforms like Netflix, HBO, and Disney+. The new VAT law will also apply to purchases from electronic marketplaces such as Amazon, Shein, and Temu, as well as subscriptions to streaming services. According to the President, the law is expected to generate P105 billion over the next five years, with 5% of the revenues allocated to the creative industry.
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