SunStar Publishing Inc.
THE Bureau of Internal Revenue started the imposition of withholding tax to online sellers /merchants on July 15, 2024 to ensure tax compliance and generate additional revenue from the rapidly growing digital economy.Commissioner Romeo D. Lumagui Jr. said Tuesday, July 26, that the 90-day extension for the delay of the implementation of Revenue Memorandum Circular 16-2023, which imposes withholding tax to sellers/merchants by electronic marketplace operators, lapsed on July 14.
The policy applies to all online transactions, including the sale of goods, services, and digital products. 'Withholding tax is a system of taxation where taxes are collected at source and will be credited against the total income tax liability of the sellers/merchants,' said Lumagui.'The BIR aims to level the playing field between brick-and-mortar stores, which are regularly complying with their tax obligations, and online market places.
Withholding Tax Online Sellers Online Sellers Tax BIR Tax
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