Business groups welcome Marcos’ economic promises, online VAT

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Photo from: Business World

By Business World

Local business groups welcomed President Ferdinand R. Marcos, Jr.’s plans for economic recovery, as well as the proposed legislative measures that include the imposition of a value-added tax (VAT) on digital transactions.

“We are glad his proposal to tax online transactions which will put online merchants on equal footing with in-store retailers on tax burdens. Big opportunity for new government revenue source and will level the playing field with traditional retailers,” Roberto S. Claudio, Philippine Retailers Association (PRA) vice-chairman, told BusinessWorld via mobile phone message.

In his first State of the Nation Address, Mr. Marcos pushed for a VAT on digital services, which he said would initially generate P11.7 billion in revenues if implemented in 2023.

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