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    9988   KYG017191142

ALIBABA GROUP HOLDING LIMITED

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Philippines lower house approves VAT for big tech firms

09/22/2021 | 02:25am EDT
FILE PHOTO: The logos of Amazon, Apple, Facebook and Google

MANILA (Reuters) - The Philippines' lower house of Congress has approved a bill imposing taxes on tech giants like Facebook, Alphabet's Google and Youtube, and Netflix.

Voting 167-6-1, lawmakers late on Tuesday approved on third and final reading a bill imposing a 12% value-added tax (VAT) on digital transactions in the Philippines.

It will require foreign-based digital service providers to assess, collect and remit VAT on the transactions that go through their platform.

In July 2020, a lower house committee approved the bill, which will tax firms that provide digital service or goods through an online platform. A similar bill has been submitted to the Senate.

The bill aims to raise 29 billion pesos ($579 million) to help fund government measures to fight the coronavirus.

The Philippines is a growing market for big tech firms, withFilipinos among the heaviest social media users in the world.

Facebook, Netflix, Spotify and Alibaba's Lazada did not immediately respond to requests for comment.

A Google spokesperson said: "We comply with the tax laws in every country we operate in around the world including the Philippines, and will continue doing so as tax laws evolve."

The new measure follows similar moves by other Southeast Asian countries to generate revenues from popular digital services.

Last year, Indonesia imposed a 10% VAT on sales https://www.reuters.com/article/us-indonesia-tax-digital-idUSKBN2481A5 by technology firms. Early this month, Thailand started collecting VAT https://www.reuters.com/world/asia-pacific/thailand-start-collecting-tax-foreign-tech-firms-2021-09-01 from foreign tech companies.

(Reporting by Neil Jerome Morales; Editing by Martin Petty)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 1.17% 164.8 End-of-day quote.-29.15%
ALPHABET INC. 0.32% 2864.74 Delayed Quote.63.45%
FACEBOOK INC 1.39% 339.99 Delayed Quote.24.47%
NETFLIX, INC. 0.16% 639 Delayed Quote.18.17%
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Financials
Sales 2022 913 B 143 B 143 B
Net income 2022 133 B 20 777 M 20 777 M
Net cash 2022 457 B 71 498 M 71 498 M
P/E ratio 2022 24,5x
Yield 2022 -
Capitalization 3 063 B 480 B 479 B
EV / Sales 2022 2,85x
EV / Sales 2023 2,30x
Nbr of Employees 254 702
Free-Float 73,7%
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Number of Analysts 46
Last Close Price 1 129,70 CNY
Average target price 1 590,81 CNY
Spread / Average Target 40,8%
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Managers and Directors
Yong Zhang Executive Chairman & Chief Executive Officer
John Michael Evans President & Director
Wei Wu CFO, Director & Head-Strategic Investments
Li Cheng Chief Technology Officer
Chee Hwa Tung Independent Director
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