The Philippines is gearing up to implement a 12% value-added tax law that will impact digital service providers from abroad, including Amazon, Netflix, Disney+, and Alphabet. President Ferdinand Marcos Jr signed off on this law last Wednesday, extending it to both video streaming and data search services. Previously, only local service providers were subject to this tax, but now foreign services will also be included.
The Philippines’ Department of Revenue stated that this law aims to level the playing field and benefit consumers in the country.
Source: CNBC, Image: Pixabay
TLDR: The Philippines is introducing a 12% VAT law for digital service providers, including international giants like Amazon and Netflix, in a move towards fair competition and consumer benefits.
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