House OKs tax on plastic bags and e-transactions
Government

House OKs tax on plastic bags and e-transactions

Nov 15, 2022, 4:20 AM
Kaithe Santos

Kaithe Santos

Writer

A P20 excise tax is charged per kilo of plastic bags under HB 4102 and a 12% VAT is applied to gross receipts on digital and electronic transactions under HB 4122.

The House of Representatives passed two tax legislations that would raise the funds required to support future annual national budgets.

Rep. Alfred Delos Santos authored House Bill (HB) 4102, which proposes a tax on plastic bags.

The House also passed on third reading HB 4122, which imposes a tax on digital transactions.

A ₱20 excise tax is charged per kilogram of plastic bags under HB 4102. All proceeds go to funding solid waste management programs.

Under HB 4122, a 12 percent value-added tax is applied to gross receipts on digital and electronic transactions. Those who conduct the digital and electronic business of a digital or electronic character are considered persons liable to the Value Added Tax (VAT).

"The two tax measures add assurance that government programs will get done because funds are available," Delos Santos said.
“If these bills get Senate approval soon, they could take effect next year and address the funding priorities of the 2023 national budget,” he added.
"Crucial to effective implementation of the digital transaction VAT are the VAT registration and the invoicing. Online seminars are exempted from the digital VAT, " he continued.

Tags: #VAT, #RepDelosSantos, #HB4122, #HB4102


We take a stand
OpinYon News logo

Designed and developed by Simmer Studios.

© 2024 OpinYon News. All rights reserved.