The chair of the House Ways and Means Committee on Monday said the proposed value added tax (VAT) refund mechanism for foreign tourists is expected to increase annual tourist expenditures on shopping from PHP59 billion to PHP69.2 billion.
During the committee hearing, Albay Representative Joey Salceda said that based on a simulated model, tourist spending on shopping, accounting for increased tourist arrivals as a result of the refund system, will increase to PHP76.58 billion, or a total increase of around PHP17.6 billion in tourist sales, representing a growth by 29.8 percent.
Source: pna.gov.ph
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