The House of Representatives approved on third and final reading a bill granting Value Added Tax refund for outbound tourists, a bill backed by President Ferdinand Marcos, Jr. House Bill 7292 earned 304 'yes' votes, four 'no' votes, and zero abstention.
Under the proposed measure, tourists will be eligible for a VAT refund on goods purchased from accredited retailers in the Philippines as long as such goods are taken out of the country within 60 days from the date of purchase and the value of goods purchased per transaction amounts to at least P3,000.
“This measure [is being passed] to adopt best practices in VAT refund schemes among Asia Pacific tourism destinations and expand the country's competitiveness among its peers and neighboring countries,” the committee report on the measure read. House ways and means panel chairperson Representative Joey Salceda earlier said the measure will generate P10 billion to P40 billion worth of increased sales for local suppliers.
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