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Manila Bulletin devider Business devider DTI looks into online barter trade activities

DTI looks into online barter trade activities

Published Jul 15, 2020 10:00 pm

The Department of Trade and Industry (DTI) is looking into the “online barter trade” as this business activity already goes beyond the specified areas in Mindanao allowed under the law.

“We will study if needed,” said DTI Secretary Ramon M. Lopez.

Lopez explained that barter is the world’s oldest form of trade and is regulated under Executive Order (EO) No. 64 signed by President Rodrigo Roa Duterte in 2018. The EO also established the Mindanao Barter Council, tasked to supervise and coordinate barter activities in the Philippines.

The EO states that barter trade is only allowed in three areas, namely in Siasi and Jolo in Sulu and Bongao in Tawi-Tawi. Outside those areas, barter trading across borders is not allowed.

“This is what I meant as illegal—those done in other areas or if done online and cross border, or as a

regular business in the course of trade—as these are not registered and not taxed,” said Lopez.

But Lopez also said that there is no clear prohibition for local barter trade.  Still, he stressed, barter trade is still subject to regulation and must be registered with the government.

“The DTI emphasizes that this is subject to tax if it is being done in the course of regular trade or business. This is also applicable for online transactions,” he said. There are, however, exemptions as with other businesses.

This means, local barter trade activities with less than P250,000 in annual earnings are exempted from income tax payments and those with below P3 million gross sales per year are not required to pay the value added tax (VAT).

Personal transactions not in the course of trade and business are not covered by registration requirements.

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