On 29 December 2023, the Philippine News Agency issued a release announcing the introduction of a 1% withholding tax on payments made by online platforms to suppliers of goods and services. The 1% withholding tax requirement was introduced by Revenue Regulations No. 16-2023 to impose withholding tax on gross remittances made by electronic marketplace operators and digital financial services providers to sellers/merchants. The Revenue Regulations are generally effective from 5 January 2024. --- BIR imposes 1% withholding tax on online merchants MANILA – The Bureau of Internal Revenue (BIR) has announced that online merchants with earnings amounting to more than...