Bill on VAT refund for tourists approved on 2nd reading

RG Cruz, ABS-CBN News

<p>MANILA -- The House of Representatives on Wednesday approved on second reading House Bill 7292, creating a VAT refund mechanism for non-resident tourists.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/05/25/22/dof-eyes-new-taxes-wider-vat-to-pay-rising-debt'>DOF pushing new taxes, wider VAT, halt to income-tax deductions to pay high debt</a></li></ul><p>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.</p><p>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.</p><p>It defines a "tourist" as a foreign passport holder who is a non-resident individual not engaged in trade or business in the Philippines.</p><p>The House is expected to vote on final approval next week.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/01/31/23/bir-studying-tax-refund-for-tourists'>BIR studying implementation of tax refund for tourists</a></li></ul><p>RELATED VIDEO</p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=2446229' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

<p>It defines a "tourist" as a foreign passport holder who is a non-resident individual not engaged in trade or business in the Philippines.</p><p>The House is expected to vote on final approval next week.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/01/31/23/bir-studying-tax-refund-for-tourists'>BIR studying implementation of tax refund for tourists</a></li></ul><p>RELATED VIDEO</p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=2446229' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

<p>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.</p><p>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.</p>

<p>MANILA -- The House of Representatives on Wednesday approved on second reading House Bill 7292, creating a VAT refund mechanism for non-resident tourists.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/05/25/22/dof-eyes-new-taxes-wider-vat-to-pay-rising-debt'>DOF pushing new taxes, wider VAT, halt to income-tax deductions to pay high debt</a></li></ul>

The bill defines a tourist as a foreign passport holder who is a non-resident individual not engaged in trade or business in the Philippines.

Bill on VAT refund for tourists approved on 2nd reading | ABS-CBN News

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Bill on VAT refund for tourists approved on 2nd reading

Bill on VAT refund for tourists approved on 2nd reading