Marcos to DOF: Make VAT refund process simple

Marcos to DOF: Make VAT refund process simple

MANILA, Philippines — President Marcos on Monday called on the Department of Finance (DOF) and its attached agency, the Bureau of Internal Revenue (BIR), to ensure that the implementation of the newly signed value-added tax (VAT) refund law will be simple and seamless. The President issued the directive after signing Republic Act No. 12079, or […]...Keep on reading: Marcos to DOF: Make VAT refund process simple

Law gives non-resident tourists VAT refund

Non-resident tourists will soon be entitled to a refund of the value-added tax on local goods they purchased, as President Marcos yesterday signed into law a refund mechanism to boost the Philippines’ competitiveness as a shopping destination.

VAT refunds for tourists to spur economic growth—DOF

Department of Finance (DOF) Secretary Ralph G. Recto is confident about the country’s economic outlook for 2025, driven by the recent passage of two major laws to boost tourism, local spending, and food security.Both Republic Act (RA) No. 12079, or the Value-Added Tax (VAT) Refund Mechanism for Non-Resident Tourists Act, and RA No. 12078, or the Amendments to the Agricultural Tariffication Act, were signed into law on Monday, Dec. 9. According t…

Philippines dangles tax refunds to spur tourists to shop more

Philippine President Ferdinand Marcos Jr on Monday enacted a law granting value-added tax refund to non-resident tourists, aiming to spur visitors to shop and spend more.

PBBM: VAT Refund For Foreign Tourists Makes Philippines Global Shopping Spot

President Ferdinand R. Marcos Jr. on Monday signed into law a measure providing refund of Value Added Tax (VAT) for foreign tourists to attract more travelers and position the country as a “premier global shopping destination.” Republic Act (RA) 12079 or the VAT Refund for Non-Resident Tourists will establish a VAT Refund System on locally purchased goods, Marcos said in his speech during the ceremonial signing in Malacañang. Under the new law, …

DOF: Spending to offset losses from VAT refund | Reine Juvierre S. Alberto

THE P6.5-billion foregone revenues from the newly-enacted law granting Value-Added Tax (VAT) refunds to tourists can be “easily offset” by the economic impact boosted by tourism spending, the Department of Finance (DOF) said last Monday, hours after the President signed the bill. The government is banking on the rise of…