According to earlier reports, the Senate approved on third and final reading Senate Bill 2415 that would "create a VAT refund mechanism for non-resident tourists," which would be added as a new provision to the National Internal Revenue Code of 1997.
Foreigners visiting the Philippines as tourists should have bought "at least P3,000" worth of local goods "in local, duly accredited stores," which should be taken out of the country within 60 days from purchase.
In a statement, Tourism Secretary Christina Garcia-Frasco commended the passage of the proposed measure, which she said would encourage more spending for foreign tourists and more income for micro, small and medium enterprises (MSMEs) in the tourism industry.
This story is from the September 27, 2024 edition of The Philippine Star.
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This story is from the September 27, 2024 edition of The Philippine Star.
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