BIR To Track, Tax, Online Sales, Learn From Foreign Counterparts
BIR TO TRACK, TAX ONLINE SALES – The Department of Finance recently ordered the Bureau of Internal Revenue to track digital sales transactions.
As such, the BIR said it would create a dedicated task force to address the movement of online sales. Furthermore, it would also be tasked to tax goods and services conducted through online platforms.
But, aside from this, DOF Secretary Carlos Dominguez III also ordered the BIR to learn how to tax online sellers. According to Dominguez, the BIR’s dedicated task force should learn from foreign counterparts how to deal with taxes in an efficient manner.
Based on an article from Inquirer, Dominguez said:
The BIR should consult with their counterparts in Russia or South Korea to find out how to properly and effectively tax digital transactions. We have to catch up with these guys
Amid the coronavirus pandemic, more people have shifted toward online selling platforms as opposed to brick and mortar shops. Through online selling, sellers can now save up on physical store mortgages and offer cheaper more accessible products.
Despite the pandemic spreading throughout the Philippines, the online selling business blossomed. Now, you could see people selling their products live on Facebook or have shops within the platform where customers could buy from.
Currently, the DOF reported that there are 2,282 online-based businesses and retailers, along with service providers that are already registered with the BIR.
What do you think about this? Leave your comments below.
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