Starting July 2024, Coins.ph will implement Revenue Regulations No. 16-2023, requiring digital financial service providers to withhold tax on transactions made through its platform. This regulation mandates Coins.ph to deduct the applicable tax from payments made by users to merchants, ensuring compliance with Philippine tax laws.
Coins.ph remains committed to transparency and compliance with regulatory requirements. These measures aim to streamline tax processes and contribute to a more robust financial ecosystem in the Philippines.
We continue to work closely with authorities to ensure smooth implementation and provide clarity to our users and partners.
Note: Only Coins Business accounts are affected.
If you have any other inquiries or need further assistance, you can fill out our Coins Support Form.