President Ferdinand Marcos Jr. signed a law granting value added tax (VAT) refunds to non-resident tourists.
Republic Act No. 12079, or the VAT Refund for Non-Resident Tourists, was enacted on Dec.9. The measure aims to attract more tourists to the country by providing a VAT Refund System for locally purchased goods.
This means tourists can now claim a refund on VAT for purchases made at accredited stores worth P3,000, provided these goods are taken out of the country within 60 days of purchase.
Marcos said that the new law aims not only to stimulate more spending but promote the Philippines as a “premier global shopping destination.”
Likewise, the VAT refund scheme will “benefit both large-scale industries and micro,…
