Philippines to Impose 12% Tax on Foreign Streamers [Video]

TAXING SITUATION

The Philippines is to impose a 12% value-added tax on overseas digital service providers operating in the country, including Netflix, HBO and Disney. The measure was signed into law on Wednesday by President Ferdinand Marcos Jr.

“If you are reaping the rewards of a fruitful digital economy here, it is only right that you contribute also to its growth,” Marcos said in a speech during the signing event. The new law will level the taxes paid by local businesses and international digital platforms, he added, according to reporting by Bloomberg.

The new law covers online search engines, media, advertising, platforms as well as digital marketplaces and goods and cloud services. The tax is forecast to generate 79.5 billion pesos ($1.4 billion) in revenue in the next four years, according to the country’s finance department.

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