AMID efforts to further boost the country’s tourism in order to increase economic activity, President Ferdinand “Bongbong” Marcos Jr. has approved the implementation of the Value-Added Tax (VAT) Refund Program for foreign tourists in 2024.
The program is among the “Quick Wins” recommendations presented by the tourism cluster of the Private Sector Advisory Council (PSAC) in a meeting with Mr. Marcos last Thursday.
Senator Nancy Binay said she welcomes President Ferdinand “Bongbong” Marcos Jr.’s move to help kickstart the Philippine’s tourism industry by offering VAT refunds to foreign tourists but hopes the Department of Finance (DOF) would present numbers and data on how much administrative costs the government would incur when it is implemented.
The Alliance of Concerned Teachers (ACT) on Monday said the recently approved value-added tax (VAT) refund for foreign tourists is “highly unfair” to Filipinos. “It is highly unfair that Filipinos are forced to pay the VAT while foreign tourists will be exempted from it,’’ ACT Chairperson Vladimer Quetua said in a statement.
The government should seek the advice of tax and financial experts before rolling out the Value Added Tax (VAT) Refund Program that President Bongbong Marcos had approved, senators said on Monday.
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