THE Philippine Chamber of Commerce and Industry (PCCI) welcomed the enactment of Republic Act (RA) 12023, which imposes a 12-percent value-added tax (VAT) on foreign digital service providers (DSPs), saying the new law promotes fair competition and will boost domestic businesses of similar nature.
President Ferdinand Marcos Jr. on Wednesday in Malacañang signed RA 12023, which aims to generate additional revenue for the government and level the playing field for local DSPs.
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