The House ways and means panel on Monday approved a bill granting Value Added Tax (VAT) refund for outbound tourists.
House ways and means panel chairperson Joey Salceda said the measure will generate P10 billion to P40 billion worth of increased sales for local supplies.
“Save for India and Cambodia, we are the last major Asian country without an operative VAT refund system for tourists. That hurts our competitiveness for tourists with, say, Vietnam and Thailand, which now receive more tourists than we do,” he added. The VAT refund for tourists amends the National Internal Revenue Code by adding a section stating that goods to be taken out of the country by tourists with a transaction value of at least P3,000 will entail a VAT refund, provided that these goods must be purchased from accredited suppliers.“Generally, for every P1 refunded, the tourist spends an additional 1.5 pesos. That will create an additional 20,000 to 80,000 jobs, and will also improve our gross international reserves,” he said.
In addition, Salceda called on state-run Tourism Infrastructure and Enterprise Zone Authority to consider amendments to the Tourism Act or Republic Act No. 9593, to allow the Department of Tourism to grant promotional incentives for domestic tourists, particularly in the meetings, incentives, conferences, and exhibitions sector .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Puno suggests 'hybrid' con-con to House panel; here's how it will workA hybrid Constitutional convention (con-con) composed of both elected and appointed delegates is the best method in revising the 1987 Constitution.
Read more »
Ex-Chief Justice Puno bares stance on Cha-cha before House panelFormer Supreme Court (SC) Chief Justice Reynato Puno favors the revision of the entire 1987 Constitution.
Read more »
House panel votes yes to charter change via constitutional conventionCommittee chairman Rufus Rodriguez clarifies that the resolution approved is a 'general statement' of the panel, and that lawmakers will still have to pass an accompanying bill on charter change
Read more »
House constitutional amendments panel chooses con-conA week after President Ferdinand R. Marcos Jr. declared Charter change as not being a priority, a panel in the House of Representatives decided that it would go the Constitutional convention route should the measures to amend the 1987 Charter prosper.
Read more »
House panel presses for new PH Building ActThe House Committee on Public Works and Highways underscored the need for a new Philippine Building Act to ensure the safety of public and private infrastructures from devastations brought by natural calamities, such as typhoons and earthquakes.
Read more »