The proposed Value-Added Tax (VAT) Refund Program for foreign tourists has moved forward in the House of Representatives.
The proposed Value-Added Tax Refund Program for foreign tourists has moved forward in the House of Representatives.This, after the Albay 2nd district Rep. Joey Salceda-led Committee on Ways and Means formed during a public hearing Monday, Feb. 13 a technical working group to create the legislation for the program.
“Only India and Cambodia are the other countries in the top 15 tourist destinations in Asia-Pacific with this gap in procedure. This reduces the country’s competitiveness among its peer and neighbor countries,” noted the solon, who is an economist. “The lack of such a system, as well as a standing legal basis for it, foregoes gross value-added in the tourism sector. Renata found that high VAT rates on tourists have significant negative effects on consumption volume for hotels and restaurants. Due to high elasticities in the tourism sector, the multiplier appears to be, for every 1 percent in unrefunded VAT, the reduction in tourist consumption in hotels and restaurants is 1.5 percent,” he said.
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