MANILA -- The House of Representatives on Wednesday approved on second reading House Bill 7292, creating a VAT refund mechanism for non-resident tourists.
According to its Congressional fact sheet submitted by the Committee on Ways and Means, the bill allows foreign tourists to claim a VAT refund on purchased goods worth at least P3,000 per transaction from accredited retailers.
It also entitles tourists to claim VAT refund through service providers on goods purchased and provides that goods must be taken out of the country within 60 days from the date of purchase.
It defines a "tourist" as a foreign passport holder who is a non-resident individual not engaged in trade or business in the Philippines.
The House is expected to vote on final approval next week.
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