The recent signing of Republic Act 12079 by President Marcos marks a pivotal moment for the Philippines as it aims to transform into a premier global shopping hub.
By introducing a value-added tax refund system for foreign tourists, the government is not only encouraging increased spending but also positioning the nation as a competitive player in the global tourism landscape.This initiative, long overdue and widely adopted in many countries, is expected to significantly enhance visitor experience.
Tourism Secretary Christina G. Frasco emphasizes that shopping is a key driver of tourist activity. By enhancing the shopping experience through VAT refunds, the Philippines can elevate its appeal and draw more international visitors. This not only benefits large businesses but also empowers micro, small, and medium enterprises, which are vital to the local economy.
However, the success of this initiative hinges on the prompt establishment of implementing rules and regulations by the Department of Finance and the Bureau of Internal Revenue. It is essential for these agencies to work efficiently to ensure that the VAT refund system is user-friendly and effectively marketed to potential visitors.
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