15 Jul DTI Says Online Barter Trade Is Illegal, Violates Tax Laws
Photos by PIA and DTI.
Mga higala! According to a recent statement by Trade Secretary Ramon Lopez, the booming online barter trading of Filipino netizens amid the COVID-19 pandemic is illegal, and encouraged online sellers to register with them and with the Bureau of Internal Revenue (BIR)!
Lopez said that barter-trading violates tax laws and should go through regular transactions and be subject to taxes.
He also added that this is only allowed in some parts of Mindanao like Sulu and Tawi-Tawi, based on the Executive Order 64 of President Rodrigo Duterte.
Moreover, a composite team made up of the Department of Trade and Industry (DTI) and the Philippine National Police (PNP) may be deployed to investigate barter-trading activities.
What do you think of this higala?
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UPDATE: DTI has clarified that only online business barter transactions are prohibited by law, while personal transactions are allowed.
READ: https://news.abs-cbn.com/business/07/15/20/dti-chief-personal-barter-transactions-allowed
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