By Philippine News Agency
The Department of Finance (DOF) released the draft implementing rules and regulations (IRR) for Republic Act 12079 or the Value-Added Tax (VAT) Refund for Non-Resident Tourists.
In a social media post late Tuesday, the DOF urged stakeholders to join a public consultation on the draft IRR.
The IRR prescribes the guidelines and standards for implementing a VAT Refund System (VRS) in the Philippines.
It also outlines the roles of the implementing agencies, VRS operators, and duly accredited stores in implementing the VRS.
The draft IRR states that a tourist shall be eligible to refund the VAT paid on locally purchased goods if the goods are purchased by the tourist in person from duly accredited stores and the goods are physically taken out of the Philippines by the tourist as accompanied baggage, within 60 days from the date of purchase.
Another requisite is if the value of the goods purchased per single transaction is at least PHP3,000 covered by a single invoice duly registered with the Bureau of Internal Revenue (BIR) provided that the amount shall be adjusted using the cumulative inflation for the past three years as published by the Philippine Statistics Authority.
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