President Ferdinand R. Marcos Jr. has signed the Value-Added Tax (VAT) on Digital Services Law, projected to generate PhP105 billion in government revenue over five years.
PBBM said the proceeds from the newly-signed law would enable the government to allocate more for the construction of around 42,000 classrooms, 6,000 rural health units, and 7,000-kilometer farm-to-market roads.
He also clarified that the law does not impose a new tax but strengthens the authority of the Bureau of Internal Revenue to ensure effective collection of VAT on digital services, aiming to promote fairness and inclusivity in the nation-building process.
SOURCE: Presidential Communication Office
