President Ferdinand R. Marcos Jr. assured Digital Service Providers (DSPs) in the Philippines that the newly signed Value-Added Tax on Digital Services Law will not hinder innovation and growth in the country.
“Be assured that the government has taken a deliberate and measured approach to ensure that this tax will not crush innovation or hinder growth,” President Marcos said in his speech during the signing of the law at the Malacañan Palace on Wednesday.
President Marcos also clarified the law is not a new tax measure but an effort to level the playing field of the digital landscape in the Philippines.
He also urged the DSPs to work hand-in-hand with the government in its efforts to build a “Bagong Pilipinas where innovation flourishes,” especially in efforts to promote fair competition.
“To our local enterprises, who have been pillars of our economy even in the face of changing landscapes— today, we restore the balance and give you the fair shot that you deserve,” the President said.
“To our people, who deserve nothing less than a system that works for them, this law shall bring in much-needed revenue to help build a better future for us all. I call for the support of all the companies and entrepreneurs who will be covered by this law,” he added.
President Marcos reminded everyone that “true progress does not just count profits – it counts everyone in.”
The Chief Executive also extended his gratitude to the legislators for their dedication in ensuring the timely approval of the law. (PCO)
