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Speaker Martin Romualdez said the law signed by President Ferdinand Marcos Jr., which offers non-resident tourists value-added tax refunds, would be a boon to the tourism sector and domestic commerce. “This piece of legislation will greatly boost international tourism and the sale of goods by tourist-oriented establishments,” Romualdez said. “More tourist arrivals and increased tourist […]
President Ferdinand Marcos Jr. signed Republic Act (R.A.) 12079, known as the “VAT Refund for Non-Resident Tourists,” during a ceremonial signing recently at Malacañan Palace.In his speech, the President emphasized the significance of the law, stating that “shopping has become an essential part of the travel experience”. Marcos noted that in 2023, the Philippine tourism […]
Senate President Chiz Escudero said the value-add tax (VAT) refund mechanism for non-resident travelers is a long overdue initiative the country needs to lure more visitors and increase tourist haul. Escudero made the statement as President Ferdinand Marcos Jr signed the legislation amending the National Internal Revenue Code to provide for the VAT refund to […]
The Senate recently approved on third and final reading the proposed value-added tax (VAT) refund measure for non-resident tourists that would hopefully attract more tourists. With 20 affirmative votes, one negative vote and no abstention, Senate Bill No. (SBN) 2415 or An Act Creating a Vat Refund Mechanism for Non-Resident Tourists, adding a New Section […]
In time for the celebration of Valentine’s Day or the “Araw ng mga Puso,” Lee pushed for a measure to ease the financial burden of Filipinos with heart illneses by removing the value-added tax (VAT) on medicines and drugs related to the treatment of cardiovascular diseases (CVDs) or the group of disorders of the heart […]
Senator Pia Cayetano brought a bit of good news to the public: The exemption of several life-saving medicines and maintenance drugs from the 12 percent value-added tax (VAT) under the Corporate Recovery and Tax Incentives for Enterprises, or CREATE Law (Republic Act No. 11534). Cayetano shared the positive development with local government executives and members […]
The House Committee on Ways and Means chaired by Albay 2nd District Representative Joey Sarte Salceda approved the unnumbered substitute bill to House Bill 7143, creating a mechanism through which non-resident tourists may refund their value-added tax (VAT). Salceda stressed that the measure is long overdue, noting that the Philippines is the only country in […]
The House of Representatives approved on final reading a proposal imposing a 12 percent value-added tax (VAT) on digital transactions in the country to generate new funding sources for the country’s COVID-19 response efforts. With 167 affirmative votes, six negative votes, and one abstention, the Chamber passed on third reading House Bill 7425 seeking to […]
Once enacted into law by President Rodrigo Duterte, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill will result in a more affordable cancer treatment as the measure will exempt cancer prevention medication from the Value Added Tax (VAT), Senator Joel Villanueva said. Villanueva, chair of the Senate Committee on Labor, Employment and Human […]
Senator Koko Pimentel III has called for the exemption of petroleum products from the coverage of the value-added tax (VAT) to help cushion the impact of the implementation of the second tranche of the fuel excise tax. “As a means of easing the burden on the public, this bill proposes to exempt petroleum products from […]