#VAT refund Philippines

Ferdinand Marcos Jr., today, signed the Value-Added Tax (VAT) Refund for Non-Resident Tourists into a law. The VAT Refund Law allows tourists to claim refunds on purchases exceeding Php3,000 made at accredited stores, provided the items are taken out of the country within 60 days. Within this significant share, shopping emerged as the second largest expenditure for inbound tourists.” “With this in mind, we are introducing the VAT refund program for non-resident tourists—designed not only to stimulate more spending but to promote the Philippines as a premier global shopping destination. - President Bongbong Marcos” The Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) will craft rules and regulations that would streamline the VAT refund process. The Philippines has a 12% VAT rate, the highest in South East Asia, and will like make the country attractive for shopping. Value-Added Tax (VAT) is a type of sales tax that applies to goods, properties, and services in the Philippines, as well as to imported goods. Read more in our articles including "Value-Added Tax (VAT) Refund for Non-Resident Tourists turns into Law" and "How to activate Globe GPRS".