Senator Sherwin Gatchalian has sought the passage of a measure that would institutionalize the creation of a value-added tax refund program for foreign tourists in the country. | MAgerINQ
Under his bill, Gatchalian said tourists with foreign passports and “who are considered as non-resident alien individuals not engaged in trade or business in the Philippines” are eligible for a VAT refund for goods:Taken out of the Philippines by the tourists with them within 60 days from the date of purchase; and“Tourists shall be entitled to a VAT refund in an amount not exceeding 85% of the total amount of VAT paid by the tourist on locally purchased goods that they take with them out of the...
Gatchalian believes that the continued reopening of the country’s borders is “an opportune time to entice more non-resident foreign tourists to visit the Philippines and spend their money on goods, on top of their usual expenses for services, accommodations, tours, and other forms of entertainment.” “To be truly competitive with its peers in the Asia Pacific region, the Philippines needs to establish a tourist value-added tax refund system, one that is unfortunately not provided in our current tax laws,” he said.Subscribe to our daily newsletter
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