President Ferdinand Marcos Jr. has signed Republic Act 12079, or the VAT Refund Law, allowing foreign tourists to reclaim value-added taxes (VAT) on locally-purchased goods. Under the new policy, tourists can claim refunds for transactions amounting to at least 3,000 pesos, provided the goods are taken out of the country within 60 days. The Department of Tourism estimates a 29.8% boost in tourism-related spending, benefiting industries and MSMEs alike.
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