Blog > Marketplace News > Shopee Philippines: BIR New Regulations Extended, Tax Withheld from July 15
Shopee Philippines: BIR New Regulations Extended, Tax Withheld from July 15
Jayson 18 Apr 2024 08:29
The Shopee Philippines recently announced that according to the latest Tax Memorandum Notice No. 55-2024 issued by the tax bureau, the time limit for compliance with tax regulations will be extended to July 14, 2024.
In view of this, Shopee will start withholding taxes from July 15, 2024. Sellers now have until July 11, 2024 to complete tax regulations. Shopee will also lift restrictions on sellers' stores as soon as possible.
It is understood that in order to maintain the fairness of tax obligations between physical stores and e-commerce merchants, the Philippine Bureau of Revenue (BIR) issued BIR Tax Regulation No. 16-2023 on December 27, 2023.
The regulations require local e-commerce sellers to pay a deductible withholding tax of 0.5% of total sales. In addition, all e-commerce sellers need to register with the BIR to conduct business on the e-commerce platform.
In view of this, Shopee will start withholding taxes from July 15, 2024. Sellers now have until July 11, 2024 to complete tax regulations. Shopee will also lift restrictions on sellers' stores as soon as possible.
It is understood that in order to maintain the fairness of tax obligations between physical stores and e-commerce merchants, the Philippine Bureau of Revenue (BIR) issued BIR Tax Regulation No. 16-2023 on December 27, 2023.
The regulations require local e-commerce sellers to pay a deductible withholding tax of 0.5% of total sales. In addition, all e-commerce sellers need to register with the BIR to conduct business on the e-commerce platform.
