Philippines lower house approves VAT for big tech firms

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MANILA (Reuters) - The Philippines' lower house of Congress has approved a bill imposing taxes on tech giants like Facebook, Alphabet's Google and Youtube, and Netflix.

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Voting 167-6-1, lawmakers late on Tuesday approved on third and final reading a bill imposing a 12% value-added tax on digital transactions in the Philippines.

In July 2020, a lower house committee approved the bill, which will tax firms that provide digital service or goods through an online platform. A similar bill has been submitted to the Senate.The Philippines is a growing market for big tech firms, withFilipinos among the heaviest social media users in the world.

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