- Senate approved bill for VAT refund for non-resident visitors on final reading
- Eligible tourists can avail of VAT refunds for local purchases of goods worth at least P3,000
- Senate Minority Leader voted against the bill, citing lost revenue due to inefficiencies in tax system
- Study showed Philippines lost about P539 billion in potential revenue due to VAT leakages and exemptions
- Senior lecturer suggested government should partner with private sector to boost tourist transportation and infrastructure
- Senator Gatchalian, who sponsored the measure, believes VAT refunds will attract more tourists and encourage them to spend more on local products
Source: bworldonline.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Philippines"
- Recto Warns VAT Cut Could Trigger Credit Downgrade, MUP Bill Costs ₱141B
- Recto Warns VAT Cut Could Increase Debt, Risk Credit Downgrade
- Senior Citizens Partylist Backs VAT Removal on Electricity for Filipino Households
- BIR Prohibits Lumping Low-Value Purchases for Philippine Input VAT Claims
- Economists Warn Scrapping VAT Could Trigger Fiscal and Economic Crisis
