KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Philippine President Ferdinand Marcos Jr. has signed a law imposing a 12% value-added tax (VAT) on non-resident digital service providers, including major streaming platforms like Netflix, HBO, and Disney.
This new law is among the first revenue-generating measures prioritized by the Marcos administration. It encompasses a wide range of digital services, including online search engines, media, advertising platforms, as well as digital marketplaces and goods, and cloud services.
“If you are reaping the rewards of a fruitful digital economy here, it is only right that you contribute also to its growth,” Marcos stated during the signing event. He emphasized that the legislation aims to equalize the tax obligations of local businesses and international digital platforms.
The Philippines, known for having one of the highest rates of mobile phone usage globally, is leveraging technology companies to boost revenue for infrastructure projects and other government initiatives amid fiscal constraints. The Finance Department estimates that the VAT on foreign digital services could generate approximately 79.5 billion pesos (US$1.4 billion or RM5.8 billion) over the next four years.
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