SGV Indirect Tax & Global Trade Senior Director Atty. Alden Patrick Labaguis was the guest speaker at the IBPAP LEGCOM Meeting: VAT on Digital Transactions on 6 October 2021. The virtual briefing was spearheaded by and provided in coordination with the IT and Business Process Association of the Philippines (IBPAP).
IBPAP guest speaker SGV Tax Senior Director Atty. Labaguis
Atty. Labaguis was invited by IBPAP to share his valuable insights on the salient provisions of House Bill No. 7425, which proposes to impose value-added tax (VAT) on digital transactions in the Philippines. On 21 September 2021, the House of Representatives approved on final reading a proposal imposing a 12% VAT on digital transactions in the country to generate new sources of funding for the country’s COVID-19 response efforts. The Bill seeks to clarify the imposition of VAT on online advertisement services, digital services in exchange for a regular subscription fee, and the supply of other electronic and online services.
Participation in the virtual briefing was coordinated by Logistics Industry Leader and Tax Principal Stephanie V. Nava (SVN) and Technology Industry Leader and Assurance Partner Manolito R. Elle (MRE). The briefing’s coordination and organizing team included Tax Associate Director Gracia Mae A. Beronilla and Tax Senior Associate Roland Joseph C. Mendoza.