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...
Newsletter
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...