Digital services tax measure to target large foreign companies - BusinessWorld Online

“The biggest competitor of traditional media now is YouTube, Facebook and TikTok but the country doesn’t get a single centavo. DZWB, DZRH, you pay the government income tax and VAT so that’s not fair and yet these companies take away market from our companies,” Senator Sherwin T. Gatchalian, who chairs the Senate’s ways and means committee, said at the Pandesal Forum on Sunday.

Her called the current system “unfair” as domestic retailers are required to pay 25% in income tax and 12% VAT “but digital services, because they are new, don’t pay anything.” Mr. Gatchalian said that this was one of the many options to increase government revenue, citing as well enhanced tax administration for micro, small and medium enterprises .He said the debt-to-GDP ratio, which according to data from the Bureau of the Treasury jumped to 63.

Since both the Philippines and Indonesia are big food producers, he added that trade can also be maximized to offset rising food prices.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Capitalizing on a sunrise industry - BusinessWorld OnlineLEANDRO LEVISTE was only 20 years old when he said he started investing in Tesla and Solar City, both US companies that specialized in manufacturing solar panels. He observed that when the stock price of Tesla did well, it illustrated that the market had underestimated the potential for solar energy. Inspired by this, he believed that he could bring this energy solution to the Philippines, where the electricity rates were among the highest. In 2013, he invested his savings to set up Solar Philippines Power Project Holdings, Inc. (Solar Philippines).
Source: bworldph - 🏆 9. / 68 Read more »