The Food and Drug Administration (FDA) has endorsed 10 additional drug products for inclusion in the Bureau of Internal Revenue’s (BIR) list of Value-Added Tax (VAT)-exempt medicines. In FDA Advisory No. 2025-0510 issued on June 4, the agency identified the newly endorsed products, which include...
The Philippine Rural Electric Cooperatives Association, Inc. (PHILRECA) has expressed its support for the proposal to eliminate the multiple value-added tax (VAT) on electricity, which is expected to result in lower power rates for consumers. In a statement on Thursday, May 22, PHILRECA said the...
The Bureau of Internal Revenue (BIR) has introduced simplified procedures for value-added tax (VAT) refund claims, as part of its implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) MORE Act. Detailed in Revenue Memorandum Circular (RMC) No. 37-2025, the changes aim...
PSAC Lead Convenor and Aboitiz Group President and Chief Executive Officer (CEO) Sabin Aboitiz The Private Sector Advisory Council (PSAC) said the implementation of a value-added tax (VAT) refund system is poised to be a “game-changer” for the country’s tourism industry, driving...
Finance Secretary Ralph G. Recto The Philippines has officially launched a value-added tax (VAT) refund system for foreign tourists, aiming to significantly boost tourism revenue by encouraging increased spending on local goods. According to the Department of Finance (DOF), the refund scheme...
Camarines 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...
The Private Sector Advisory Council (PSAC) applauded the signing into law of a measure granting value-added tax (VAT) refunds to non-resident tourists. In a statement, Sabin Aboitiz, PSAC lead convenor and Aboitiz Group president and chief executive officer, said the new law, a key council...
The Bureau of Internal Revenue (BIR) fully supports the newly enacted Value-Added Tax (VAT) Refund for Non-Resident Tourists law (Republic Act No. 12079) to boost tourism and the economy. In a Facebook post, BIR Commissioner Romeo D. Lumagui Jr. said that the bureau “supports the VAT Refund...
The enactment into law of the measure providing for a Value Added Tax (VAT) Refund Mechanism for non-resident tourists will boost tourist arrivals in the Philippines beginning next year, Sen. Sherwin Gatchalian said. Gatchalian, chairman of the Senate Committee on Ways and Means, said he is...
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...
