Salceda Advocates for Cryptocurrency Taxation

Attention to all cryptocurrency service organizations: the revenue authorities could be targeting you in the near future.

In light of this, Congressman Joey Sarte Salceda has initiated a House resolution urging the House committee on ways and means to probe into the potential tax liabilities of crypto service providers that, while being registered overseas, might still fall under the jurisdiction of local tax laws as nonresident digital service entities.

Salceda has highlighted the existence of an estimated 1,600 virtual asset trading platforms accessible to Filipino users, yet only a few are compliant with domestic regulations.

Under the impending legislation known as the VAT on Nonresident Digital Service Providers law, these businesses could be subjected to value-added tax (VAT).

The timing for committee hearings is considered opportune as approximately 10.9 million Filipinos are cryptocurrency holders, possessing around $641.5 million or P35 billion in digital assets.

Moreover, the burgeoning cryptocurrency trading industry seems to be an inevitable trend.

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Alongside this growth is an increased level of scrutiny from a government striving to maximize its revenue streams. —Tina Arceo-Dumlao

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Tolerable Delays

The Department of Transportation (DOTr) has once again postponed the enforcement of penalties for motorists bypassing toll booths without an RFID (radio frequency identification) tag or with an insufficient balance until the next year.

The policy, initially set for October 1, aimed to encourage touch-free toll collection, but the authorities have decided to take additional time to re-assess the mandate.

According to Mark Richmund De Leon, Metro Pacific Tollways Corp. (MPTC) chief corporate affairs officer, this reprieve is beneficial as it affords the company more time to ready their systems.

Specifically, he cited how the deferment could aid in refining their integration with the Land Transportation Office for violation reporting.

It remains to be seen if the postponement is sufficient for a seamless policy rollout.

“The timeframe provided is ample for us to conduct thorough preparations and align with the government’s stipulations,” De Leon asserted.

MPTC manages an array of expressways including the NLEx, NLEx Connector, Subic-Clark-Tarlac Expressway, Cavite-Laguna Expressway, and Manila-Cavite Expressway, among others. —Tyrone Jasper C. Piad

Prioritizing Happiness over Profit?

There’s a common belief that while money doesn’t equate to happiness, it certainly contributes to comfort.

Yet, Filipino workers may find happiness not only through financial wealth but also if companies prioritize their welfare over mere profit targets, suggested Mr. Lhatu, the executive director of Gross National Happiness (GNH) Centre Bhutan.

Lhatu underscored the importance of employers inquiring into the sources of their employees’ discontentment—be it workload or work schedules—during a symposium with local entities and government officials.

The question arises: Are companies taking this to heart?

As a potential response to this issue, the Philippine Chamber of Commerce and Industry (PCCI), the nation’s preeminent business consortium with over 30,000 members, contemplated establishing a local GNH center.

PCCI secretary-general Ruben Pascual suggested to Bizz Buzz that spearheading a GNH center in the Philippines is “an idea worth pondering,” and that it will be a topic of internal discourse.

In spite of the escalating cost of living and the nominal wage increases, a recent report revealed that the Philippines ranks as the second “happiest” nation in Southeast Asia, holding the 53rd place globally. —Lisbet K. Esmael