High tourist spend seen to offset tax-refund loss

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The story "High tourist spend seen to offset tax-refund loss" was covered 23 hours ago by Business Mirror, a news publisher based in Philippines.

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High tourist spend seen to offset tax-refund loss - Business Mirror

Quick Summary:

A senior lawmaker on Sunday called on the Departament of Finance (DOF) and Department of Tourism (DOT), the Bureau of Internal Revenue (BIR) and other concerned agencies to expedite the creation of a value-added tax (VAT) refund system for non-resident tourists to drive visitor arrivals back to or even surpass pre-pandemic levels, significantly increasing tourism revenue.

President Marcos said he signed RA 12079 to attract more non-resident tourists to the country by giving these visitors a tax-free privilege on their locally purchased goods.

Data from the National Economic and Development Authority (NEDA) reveal the VAT-refund system for foreign tourists would raise P3.3 billion to P5.7 billion in extra revenue over the 2024-2028 period and to create some 4,000 to 7,000 jobs annually.