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Manila Bulletin devider Philippines devider National devider Get to work on VAT refund system, Villafuerte tells government agencies

Get to work on VAT refund system, Villafuerte tells government agencies

Published Dec 16, 2024 02:09 am

At A Glance

  • Camarines Sur 2nd district Rep. LRay Villafuerte is prodding the concerned agencies to go full blast in crafting the Value Added Tax (VAT) refund system for the local purchases of foreign tourists, as provided for in Republic Act (RA) No. 12079.

LRayFoto6.jpgCamarines Sur 2nd district Rep. LRay Villafuerte (Rep. Villafuerte's office)

Camarines Sur 2nd district Rep. LRay Villafuerte is prodding the concerned agencies to go full blast in crafting the Value Added Tax (VAT) refund system for the local purchases of foreign tourists, as provided for in Republic Act (RA) No. 12079.

Villafuerte, president of the National Unity Party (NUP), specifically directed his appeal to the Departmentsof Finance (DOF), Department of Tourism (DOT), and the Bureau of Internal Revenue (BIR).

President Marcos signed into law last week RA No. 12079 or the VAT Refund for Non-Resident Tourists Act. The law is expected is to give the country a huge economic windfall.

“The heads of these government offices should lose no time in crafting a simple and seamless VAT refund system at the onset of 2025 so the government can implement this tourist-friendly initiative right away," said Villafuerte, a former provincial governor.

Following consultations with the concerned agencies and other stakeholders, the DOF secretary shall release the implementing rules and regulations (IRR) of RA No.12079 within 90 days of this new law’s effectivity.

The Department of Trade and Industry (DTI), the Department of Transportation (DOTr), the National Economic and Development Authority (NEDA), and the Bureau of Customs (BOC) are also expected to give inputs to the crafting of the VAT refund system.

BIR Commissioner Romeo Lumagui Jr. said the weekend that the bureau will draw up with the DOF and then release the IRR in the first quarter of next year.

RA No. 12079 grants this tax-free privilege by amending the National Internal Revenue Code (NIRC) of 1997 to add Section 112-A on establishing this VAT refund system for non-resident foreign passport holders..

Under this law, the DOF shall partner with one or more "reputable, globally recognized and experienced" VAT refund operator or operators to provide end-to-end solutions for the establishment and operation of this incentive for tourist shoppers.

President Marcos said he signed RA No.12079 to attract more non-resident tourists to the country.

On Villafuerte’s watch as three-term governor, Camarines Sur emerged as the country’s No. 1 tourism destination in 2010, besting Metro Manila and Cebu, according to the DOT.

As governor, Villafuerte had aggressively marketed Camarines Sur as a must-see place for ecotourism anchored on the white and pink sand beaches of its Caramoan Islands, as well as a hub for extreme sports with its Camarines Sur Watersports Complex (CWC) in Pili that is considered the world’s best wakeboarding park.

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