MANILA, March 24 (Xinhua) -- The Philippines is now value-added tax (VAT)-free for foreign tourists, with the signing of the implementing rules and regulations for the VAT Refund for Non-Resident Tourists, the Philippines' Department of Finance (DOF) said Monday.

The move aims to boost tourism and encourage foreign tourists to shop and spend more in the Philippines, thereby bolstering economic growth, the DOF said in a press release.

The department said non-resident tourists or foreign passport holders may apply for a VAT refund for locally purchased goods from accredited stores equivalent to at least 3,000 pesos (roughly 52 U.S. dollars). The goods must be physically taken out of the Philippines by the tourist as accompanied baggage within 60 days from the date of purchase.

The VAT refund only applies to retail and tangible goods, such as clothing, apparel, electronics, gadgets, jewelry, accessories, souvenirs, food or non-food consumables, and other goods intended for personal use. Enditem

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