Starting July 2024, Coins.ph will implement Revenue Regulations No. 16-2023, which mandates that digital financial service providers withhold tax on transactions conducted through their platform. This regulation aims to ensure compliance with Philippine tax laws and enhance the transparency of financial transactions within the financial ecosystem.
Key Points About Withholding Tax
- Scope: This regulation specifically impacts Coins Business accounts. Individual users will not be subject to these withholding taxes.
- Purpose: Enhance financial transparency and tax compliance
What Does This Mean for Business Account Holders?
The new regulation requires Coins.ph to:
- Automatically deduct applicable taxes from merchant payments
- Ensure direct compliance with government tax requirements
- Provide transparent tax reporting for business transactions
We continue to work closely with authorities to ensure smooth implementation and provide clarity to our users and partners.