The white sand beach of Boracay--arguably the crowned jewel of Philippine tourism (Unsplash) House Speaker Martin Romualdez has recognized the huge economic boost that the newly-signed value-added tax (VAT) refund law for foreign tourists will...
President Marcos has signed into law that aims to attract more non-resident tourists to the country by providing them a Value Added Tax (VAT) Refund System on locally purchased goods. President Ferdinand R. Marcos Jr. signs three measures on Dec. 9, 2024 at the Malacañan Palace. Among the...
Photo from Pixabay The Food and Drug Administration (FDA) has issued an advisory announcing the inclusion of additional medicines for cancer, diabetes, and mental health in its list of products exempt from value-added tax (VAT). In its advisory released on Monday, Nov. 25, the FDA explained the new...
US-based tech giants are worried that the 12-percent value-added tax (VAT) to be collected from digital services providers (DSPs), plus more stringent rules on internet transactions under two new Philippine laws, could make it harder for global firms to operate here. "While this law imposing VAT on...
The Department of Trade and Industry (DTI) stated that the imposition of value-added tax (VAT) on digital service providers (DSPs) will promote healthy competition in the local market. In a statement on Wednesday, Oct. 16, DTI Secretary Cristina A. Roque said that this measure levels the playing...
Downward Philippine inflation in the near term would be slightly offset by the new law imposing 12-percent value added tax (VAT) on digital services, Singapore-based United Overseas Bank (UOB) said. In an Oct. 4 report, UOB senior economist Julia Goh and economist Loke Siew Ting noted that there is...
The Philippine Chamber of Commerce and Industry (PCCI) said that the imposition of value-added tax (VAT) on non-resident digital service providers creates a fairer competitive landscape for local businesses. In a statement, Enunina Mangio, PCCI president, said the recent signing of the VAT on...
President Marcos has signed into law Republic Act (RA) No. 12023 or the Value Added Tax (VAT) on Digital Services Law which imposes a 12-percent VAT on digital service providers (DSPs) to level the playing field for local providers and generate additional revenue that will be used to build more...
Senate President Francis “Chiz” Escudero expressed confidence that the bill imposing a 12-percent value-added tax (VAT) on digital transactions would shore up government coffers by at least P80 billion in revenues. Escudero said that this would level the playing field for local and foreign...
Senator Sherwin Gatchalian said he is certain that the Philippines would benefit from tourist arrivals in the upcoming holidays which could be in time for the enactment of the Value-Added Tax (VAT) refund for tourism. “I am hopeful that the measure will be enacted into law in...
Boracay, arguably the crown jewel of Philippine tourism The proposed measure that seeks to implement a value added tax (VAT) refund mechanism for non-resident tourists in a bid to encourage more spending is now one step away from becoming law. During...
(Unsplash) Hommittee on Ways and Means chairperson and Albay 2nd district Rep. Joey Salceda said he will push the House of Representatives to adopt the proposed Senate measure that seeks to implement a value added tax (VAT) refund mechanism for tourists to...
