On 29 December 2023, the Philippine News Agency issued a release announcing the introduction of a 1% withholding tax on payments made by online platforms to suppliers of goods and services. The 1% withholding tax requirement was introduced by Revenue Regulations No. 16-2023 to impose withholding tax on gross remittances made by electronic marketplace operators and digital financial services providers to sellers/merchants. The Revenue Regulations are generally effective from 5 January 2024.
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