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Senate Minority Leader Aquilino "Koko" Pimentel III on Monday expressed opposition to the bill seeking to implement a Value Added Tax refund mechanism for foreign tourists, saying this won't benefit Filipinos.The lawmaker made the manifestation before the Senate approved on second reading Senate Bill 2415 which seeks to refund the VAT of the products purchased by foreigners with a transaction value of at least P3,000.
"He then emphasized that VAT leakages have already been plaguing the current system, citing a World Bank study that showed that the Philippines lost P539 billion in potential revenues due to this problem.Even the Department of Finance, he said, has admitted that the VAT collections only stand at 40%.
Value Added Tax For Tourists Koko Pimentel Sherwin Gatchalian
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