Marcos signs VAT refund law for non-resident tourists

SunStar Publishing Inc.

PRESIDENT Ferdinand “Bongbong” Marcos Jr. signed into law on Monday, December 9, 2024, a measure for the imposition of value-added tax refund for non-resident tourists. Marcos enacted the measure in a bid to attract more non-resident tourists to visit the country, to stimulate economic growth, as well as to promote the Philippines’ unique craftsmanship of indigenous products in communities near local tourist destinations.

Tourists can claim a refund on purchases made in accredited stores worth P3,000, provided that goods are taken out of the country within 60 days of purchase. Through the law, tourist spendings is seen to increase by 30 percent, which will benefit both large-scale industries and micro, small, and medium enterprises . Marcos cited Marikina shoes as an example.

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