New laws signed by President Ferdinand Marcos will help boost the economy and benefit Filipino consumers, Cabinet officials said on Monday.
In particular, Marcos approved Republic Act 12079, which provided value-added tax refunds for non-resident tourists and RA12078 that amended the existing Agriculture Tariffication law by extending the Rice Competitiveness Enhancement Fund and raising its budget.RA 12079, Finance Secretary Ralph Recto said, is a 'strategic initiative' aimed at encouraging visitors to spend more in the country.
Agriculture Secretary Francisco Tiu Laurel Jr meanwhile, said that RA 12078 would also boost the economy and help the country achieve food security.The RCEF, which is funded by rice tariffs under RA 11203, has been extended to 2031. The new law also raised the fund's annual allocation to P30 billion from P10 billion.
Refunds RCEF Extension Welcomed
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bills expanding RCEF, VAT refund for non-resident tourists signed into lawLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Romualdez: New VAT refund law for foreign tourists a big boon to the countryThe VAT rate in the country is 12 percent, based on the gross selling price.
Read more »
DOT: New VAT refund law will boost tourism spending by 29.8%Tourism spending, particularly in shopping, is expected to increase by 29.8 percent with the newly-signed Value-Added Tax (VAT) refund law, the Department of Tourism (DOT) said.
Read more »
Explainer: New VAT refund law for non-resident tourists in PHSunStar Publishing Inc.
Read more »
The Philippine vice president publicly threatens to have the President assassinatedSunStar Publishing Inc.
Read more »
Philippines Justice Department Names Vice President Duterte 'Mastermind' in Plot to Assassinate PresidentThe Philippines justice department has accused Vice President Sara Duterte of being the mastermind behind a plot to assassinate President Ferdinand Marcos Jr., giving her five days to respond to a subpoena. Duterte made the explosive claim during a weekend press conference where she said she had instructed security personnel to kill Marcos if an alleged plot to kill her succeeded.
Read more »