Philippine senator believes VAT refund bill could boost country’s tourism sector
Sherwin Gatchalian is optimistic that the bill will usher in improvements to local tourism
Filipino senator Sherwin Gatchalian expressed his optimism over an upcoming value-added tax (VAT) refund bill that could give the country’s tourism sector a much-needed boost.
Gatchalian feels that both tourists and the national economy stand to benefit from the enactment of Senate Bill 2415 or An Act Creating a VAT Refund Mechanism for Non-Resident Tourists.
He said: “We trust and hope that, when this bill is passed into law, it will strengthen the country’s tourism sector. This, in turn, will help generate employment for many of our citizens and further strengthen our economy.”
The Philippine Senate approved the bill on Monday, 23rd September, but has yet to pass it into law.
How can Senate Bill 2145 help the country?
Based on its premise, the bill will allow foreign visitors to claim VAT refunds for buying PHP3,000 worth of local goods.
According to Gatchalian, Senate Bill 2415 will help improve the competitiveness of Philippine tourism with its regional peers, on top of revitalising the local tourism industry.
A number of Asian nations, particularly Singapore, have implemented similar measures for quite some time now, significantly benefiting their respective economies.
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