Ou Are Exempt From Paying Or Filing Vat If Your Net Income Asa Sole Proprietor Is Below Php250 News Today : Breaking News, Live Updates & Top Stories | Vimarsana

(File photo) MANILA - The House of Representatives on Tuesday night approved on final reading a proposal imposing a 12 percent value-added tax (VAT) on digital transactions in the country to generate new funding sources for the country's Covid-19 response efforts. With 167 affirmative votes, six negative votes, and one abstention, the Chamber passed on third reading House Bill 7425 seeking to amend Section 105 of the National Internal Revenue Code (NIRC) by taxing digital service providers that operate through online platforms. The bill seeks to clarify the imposition of VAT on online advertisement services, digital services in exchange for a regular subscription fee, and supply of other electronic and online services that can be delivered through the Internet. Albay Rep. Joey Salceda, a principal author of the bill, said foreign corporations selling digital services, such as Netflix, Spotify, and others, will have to pay for and impose VAT on their services. "We have now clar

Joey salcedaNational internal revenue codeHouse billஜோவீ சால்சேடதேசிய உள் வருவாய் குறியீடுவீடு ர சி துIle photo manila the house of representatives on tuesday night approved final readinga proposal imposinga 12 percent value added tax vat digital transactions in country to generate new funding sources for 39s covid 19 response efforts with 167 affirmative votesIx negative votesNd one abstentionHe chamber passed on third reading house bill 7425 seeking to amend section 105 of the national internal revenue code nirc by taxing digital service providers that operate through online platforms seeks clarify imposition vat advertisement servicesIgital services in exchange fora regular subscription feeNd supply of other electronic and online services that can be delivered through the internet albay rep joey salcedaA principal author of the billAid foreign corporations selling digital servicesSuch as netflixAnd others