Senator Sherwin Gatchalian has expressed optimism that the measure seeking to provide a value added tax (VAT) refund for non-resident tourists would be approved on third and final reading by the Senate when it resumes its regular sessions in July.
During the public hearing of the Committee on Ways and Means, Gatchalian said he is looking forward to sponsoring the bill as soon as the Senate resumes next month so the measure can be implemented within the year or fully take effect in 2024.
According to a Manila Bulletin report, Gatchalian told reporters that: “Hopefully, when we come back, since the measure has no contentious issues, we can pass it in a months’ time. The government can implement this at the end of the year.”
“We’ll sponsor it soon during the opening of the session,” he added.
Gatchalian noted that the country will gain more from foreign tourists as this will boost the country’s marketability.
“I’m surprised that here in the ASEAN (Association of Southeast Asian Nations), we are the only country without a VAT refund mechanism. And the main goal of this VAT refund scheme is to attract tourists,” Gatchalian said.
Moreover, the senator bared that state economic managers have pegged the foregone revenue at P4-billion. But the government eyes to gain over P9-billion from shopping revenues and provide jobs for Filipinos.
Under the bill, a foreign tourist is eligible for a one-time 12 percent VAT refund for a minimum single-receipt purchase of P3,000.
Solon eyes approval of VAT refund bill for foreign tourists in July
Source: Pinoy News Udpates PH
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