On 20 July 2024, Philippine President Ferdinand Marcos Jr. signed into law Republic Act (“R.A.”) No. 12010, otherwise known as the “Anti-Financial Account Scamming Act (“AFASA”). The act aims to promote awareness on the proper use of Financial Accounts and to protect the public from cybercriminals and criminal syndicates who...
Philippines: Value-Added Tax (“VAT”) on Nonresident Digital Service Providers (to be in effect starting 1 June 2025)
On 2 October 2024, Philippine President Ferdinand Marcos Jr. signed into law Republic Act No. 12023, which amended the National Internal Revenue Code (“Tax Code”) to impose Value-Added Tax (“VAT”) on nonresident digital service providers (“DSPs”) for digital services consumed within the Philippines.The Philippine Secretary of Finance then issued the...