Philippine retailers support VAT refund for tourists

The Philippine Retailers Association supports new draft rules for a value-added tax (VAT) refund system for foreign tourists. This measure aims to make shopping in the Philippines more appealing compared to neighboring countries. The Department of Finance released the draft rules on March 12. Tourists can receive VAT refunds on eligible purchases made at accredited stores, provided they take the items out of the country within 60 days. A minimum purchase of P3,000 is required for refunds, documented with a single invoice. A public consultation on the draft rules is set for March 17.