The House of Representatives has passed on final reading a measure, which seeks to grant a value-added tax refund to nonresident foreign tourists purchasing goods worth P3,000.
voted 304-4-0 to approve on third reading House Bill No. 7292, or the VAT refund mechanism, which President Marcos approved in principle earlier this year.
The measure is aimed at expanding the Philippines’ competitiveness among tourism destinations in the Asia-Pacific by adopting a VAT refund mechanism. It seeks to amend Republic Act No. 8424, or the 1997 National Internal Revenue Code, by including a new provision on the VAT refund for qualified tourists. The VAT refund may be claimed through accredited service providers.
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