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Manila Bulletin devider Philippines devider National devider DOT: New VAT refund law will boost tourism spending by 29.8%

DOT: New VAT refund law will boost tourism spending by 29.8%

Published Dec 9, 2024 06:10 am

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.

DOT Secretary Christina Garcia-Frasco said the law enhances the overall visitor experience while reinforcing the country's position as a competitive destination in Asia.

“This law represents a monumental shift in enhancing the Philippine tourism experience, not only making us a more attractive destination but also adding substantial value to the visitor journey,” Frasco said.

Passed in September 2024, the law allows non-resident tourists to claim VAT refunds on purchases of at least P3,000 from accredited stores, provided the items are exported within 60 days.

The DOT anticipates significant growth in tourism-related spending, which amounted to P137.4 billion in shopping alone in 2023.

Frasco highlighted that the law benefits both large retailers and micro, small, and medium enterprises (MSMEs), boosting local businesses and job creation nationwide.

Aligned with the National Tourism Development Plan (NTDP) 2023-2028, the VAT refund law aims to improve infrastructure, enhance accessibility, and introduce innovative digital solutions to elevate the visitor experience.

As the law takes effect, the Department of Finance (DOF), in collaboration with the DOT and other relevant agencies, will draft the implementing rules and regulations within the next 90 days.

This groundbreaking legislation signals a new era for Philippine tourism, reinforcing its position as a premier destination in Asia while stimulating economic growth across multiple sectors.

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