The Philippine Department of Finance has announced that President Ferdinand R. Marcos, Jr. signed Republic Act No. 12023 into law on 2 October 2024, which imposed a 12% VAT on all digital services consumed in the Philippines, including those provided by foreign digital service providers (DSPs). The Act was published in the Official Gazette on 3 October 2024 and will take effect 15 days after its publication. Implementing rules and regulations are to be issued within 90 days from the effective date of the Act, with a transition period of 120 days from the effective date of the rules and...