PBBM inks VAT Refund for Non-Resident Tourists Act

PTVPhilippines

PBBM inks VAT Refund for Non-Resident Tourists Act   For more news, visit:  ►https://www.ptvnews.ph/   Subscribe to our DailyMotion Channel:  ►http://www.dailymotion.com/peoples-television-incorporated   Subscribe to our YouTube channel:  ►http://www.youtube.com/ptvphilippines   Like our Facebook pages:  ►PTV: http://facebook.com/PTVph  ►Rise and Shine Pilipinas: https://www.facebook.com/riseandshinepilipinas   Follow us on Twitter:  ►http://twitter.com/PTVph   Follow us on Instagram:  ►https://www.instagram.com/ptvph   Watch our livestream on:  ►http://ptvnews.ph/livestream/  ►https://www.dailymotion.com/PTVPhilippines   Watch our News Programs, every Mondays to Fridays   Rise and Shine Pilipinas - 6:00 - 7:00 am | 7:30 - 8:00 am  Balitang Pambansa - 7:00 - 7:30 am | 12:00 - 12:30 pm |  6:00 - 6:30pm | 9:30 - 10:00 pm  PTV Sports - 8:00 - 9:00 am  Bagong Pilipinas Ngayon - 12:30 - 1:00 pm  Sentro Balita - 1:00 pm - 2:00 pm  Ulat Bayan - 6:30 pm - 7:00 pm  PTV News Tonight -  10:00 pm - 10:30 pm   Saturday & Sunday:  ►Sentro Balita Weekend - 1:30 - 2:00 pm  ►Ulat Bayan Weekend - 6:15 pm - 7:00 pm

Transcript

00:00It is not the upfront numbers of the reduced value-added tax for foreign tourist purchases that count,

00:06but the bottom line at the back end after which tourists who get the rebate spend even more as the result of the savings and put those back rebates in the tourism industry or local economy.

00:16Again, PTV's Clayce Alcardilla tells us more.

00:22The VAT Refund for Non-Resident Tourists Act has been signed into law.

00:26President Ferdinand R. Marcos Jr. said the measure is expected to attract more foreign investors.

00:32The initiative will position the Philippines as a prime shopping destination in Southeast Asia.

00:37The new law allows foreign tourists to claim a 12% VAT refund on local products worth at least P3,000 per transaction.

00:46Marcos said the measure is projected to boost tourist spending in the country by 30%.

00:52This VAT refund program will help put a spotlight to our rich local offerings.

00:58Our signature products such as marikina shoes, the intricate hand-woven textiles from the northern provinces, the timeless craftsmanship of Filipino barong all stand to benefit from this measure.

01:11These products tell our stories.

01:14And now, with a VAT refund, they will be able to be more accessible to global consumers,

01:20elevating, once again, our stature in the global market.

01:24The Department of Tourism projects an increase in tourist arrivals.

01:28This will help create jobs across various tourism-related industries, including hospitality, transportation, travel, and entertainment.

01:37The country's revenues will increase because of the VAT refund mechanism for our tourists.

01:45And what that means is that the income of our small and medium enterprises will increase, and there will be more jobs for our countrymen.

01:55According to the Bureau of Internal Revenue, the measure will support economic expansion and increase tax revenues in the long run.

02:03The Department of Finance estimates that any potential revenue losses from the VAT refund will be offset by gains from increased tourist spending.

02:11Data show the refund, when fully reinvested in tourism spending, could raise economic output by Php 2.8 billion to Php 4.8 billion annually.

02:21From PTV Manila, Kaleza Pardilia, Balitang Pambansang.

Category

Transcript

Recommended