The head of the Senate Ways and Means Committee is confident the proposed value-added tax (VAT) refund measure for nonresident tourists “could likely be enacted into law within the year.' Know more:
THE head of the Senate Ways and Means Committee is confident the proposed value-added tax refund measure for nonresident tourists “could likely be enacted into law within the year,” in a vital boost to the country’s bid to ramp up growth and recovery as revenue in many sectors are seen to well-offset the forgone revenue from the bill.
Gatchalian wants the proposed value-added tax refund measure for non-resident tourists to “provide a seamless experience” to ensure that the goal of attracting more tourists is realized. The measure, as well, should include a provision on the accreditation of retailers that would be recognized for the VAT refund, the lawmaker said. Such an accreditation process would deter those who may attempt to defraud the government through the VAT-refund program, according to Gatchalian. Moreover, such an accreditation process should make it easier for micro and small enterprises to be included in the VAT refund scheme.
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