Global Bulletin: Philippines to Impose 12% Tax on Foreign Streamers
Thursday, 3 October 2024, 00:01
Overview of the New Tax Regulation
The Philippines government has decided to impose a 12% value-added tax on foreign digital service providers.
Impact on Major Platforms
- Netflix
- HBO
- Disney
This legislation was signed into law on Wednesday and is expected to have significant implications for global streaming services.
Potential Consequences for Consumers
- Increase in Subscription Costs: Customers may face higher fees.
- Changes in Service Availability: Some services might reconsider their operations in the Philippines.
The new tax initiative reflects the Philippine government's desire to boost revenues from foreign digital businesses operating locally.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.