The Bureau of Internal Revenue (BIR) on Monday said the government’s Value Added Tax (VAT) refund for foreign tourists program, which President Ferdinand “Bongbong” Marcos Jr. announced should be in place by 2024, must be legislated and should only cover goods.
Lawyer Brianna Kay delos Santos, section chief of the BIR’s Law and Legislative Division, told lawmakers during a House hearing that the Finance Department is recommending a legislation that includes a provision stating that a tourist will be eligible for VAT refund on goods purchased in the Philippines provided that such goods are shipped or taken out of the country within 60 days from the date of purchase.
The legislation must also state that the total value of goods purchased must at least be P2,000.
Source: gmanetwork.com
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