IRR on VAT refund for tourists signed

The government expects inbound tourism to further pick up following the signing of the implementing rules and regulations (IRR) for the value-added tax (VAT) refund for foreign tourists.

- 

The Department of Finance (DOF) and its attached agencies, the Bureau of Internal Revenue (BIR) and the Bureau of Customs signed yesterday the IRR of Republic Act 12079 or the VAT Refund for Non-Resident Tourists.

Finance Secretary Ralph Recto said the Philippines is poised to reap almost double the economic returns from the law.

“With a multiplier effect of 1.97, every P100 spent by a tourist generates P197 in economic output,” Recto said.

“And more money spent by foreign tourists means more businesses created, more Filipino workers hired, more jobs provided, higher incomes for our people and more revenues for the government to collect,” he said.