An official of the DOF on Friday said the government wanted these businesses to be registered so that they would be included in the formal economy before they are compelled to pay the right taxes.Its June 1 Revenue Memorandum Circular No.
Officials defended the BIR’s move as a means to raise more revenue to fund efforts to contain the pandemic. He said Salceda’s bill was aimed at ways to include digital purchases into the value-added tax base and how profits made by digital companies could be absorbed into the corporate tax system. “Taxation in the digital economy is being seriously considered not just in the Philippines but in other countries as well,” he said.He cited Indonesia, which is taking steps to bring the digital economy into its tax base, and Singapore and Malaysia, which had already covered some digital services in their sales tax bases.
The Philippines for the moment is focusing on collecting VAT on both local and cross-border digital transactions, similar to what is being done by its partners nation in the Association of Southeast Asian Nations, according to Dominguez.
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