MANILA, Philippines — Implementing a value-added tax (VAT) refund scheme for foreign tourists will result in a foregone revenue amounting to P4.1 billion in revenue. Department of Finance (DOF) Domestic Finance Group Director Rowena Sta. Clara bared this figure during the Senate ways and means committee hearing on the bills seeking the creation of a VAT refund mechanism for non-resident tourists. 'The foregone revenue ranges from P2.9 billion to P4.1 billion. The reason for the range is that, in the P2.

https://newsinfo.inquirer.net/1788076/fwd-vat-refund-for-foreign-tourists-ph-may-lose-over-p4b-in-revenue-annually-but-gains-can-make-up-for-it

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