The Philippines, archipelagic country in Southeast Asia in the western Pacific Ocean consisting of 7.641 islands, land with a rich biodiversity, a notable historic and cultural heritage and an emergent tourist destination through its authorities aims to boost tourism spending, promoting local products and stimulating economic growth through VAT Refunds.
Thus, the President of the Asiatic country, Ferdinand R. Marcos Jr, has signed a new law that will allow international tourists to apply for a refund of VAT, value added tax, for purchases maded in accredited stores in the Philippines, a law which aims to encourage more spending by tourists and promote local products.
At a ceremony held in Malacañang, the official residence of the President of the Philippines in the San Miguel neighbourhood of the capital Manila, the President highlighted the economic potential of the new plan and noted that shopping is a key part of the travel experience.
The President o the Philippines highlighted that in 2023 the Philippine tourism sector played a relevant and decisive role in the nation's economy recovery contributing an impressive 8.6% to GDP and shopping was the second expense of tourists who came to this country of Southeast Asia.
Visitors can request a VAT refund for purchases that a minimum value of 3.000 pesos, about $50 and as long as the itimes are removed from the country within 60 days.
The government of the Philippines expects the new measure to increase tourist spending by 30%, benefiting both large and smaller companies.
Link - https://www.expreso.info/noticias/internacional/104294_los_turistas_ya_pueden_en_filipinas_reclamar_la_devolucion_del_iva
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