Philippine Senate passes VAT refund bill for non-resident tourists, aiming to boost tourism and create jobs.
The Philippine Senate has passed Senate Bill No. 2415, establishing a VAT refund mechanism for non-resident tourists. Eligible visitors can claim refunds on local purchases of at least P3,000. The initiative aims to boost tourism and is projected to generate P3.3 billion to P5.7 billion annually and create 4,400 to 7,100 jobs from 2024 to 2028. The bill requires purchases from accredited stores, with goods taken out of the country within 60 days.
September 23, 2024
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