The Bureau of Internal Revenue (BIR) has exempted from value-added tax (VAT) additional 15 medicines for cancer, high cholesterol, hypertension, and mental illness.
Internal Revenue Commissioner Romeo Lumagui Jr. issued on August 27, 2024 Revenue Memorandum Circular No. 93-2024, BIR said in a statement on Wednesday.
The RMC No. 93-2024 exempted from VAT the following medicines:
The BIR said the circular was issued in response to the updated list of VAT-Exempt Products from the Food and Drug Administration, under Republic Act No. 10963 and 11534.
“The BIR has exempted from VAT an additional 15 medicines for cancer, high cholesterol, hypertension, and mental illness,” said Lumagui.
“The BIR is now a service-oriented agency, this includes the regular update of medicines that will fall under VAT-Exempt products. The BIR supports the government’s thrust in helping the public have access to more affordable healthcare and medicine,” added the BIR chief.
In March, the taxman exempted 20 more medicines from VAT, following the 21 VAT-exempted list issued in January.
“This is an update to the list of VAT-exempt drugs and medicines under Section 109(AA) of the National Internal Revenue Code of 1997, as amended the TRAIN Law and CREATE Act,” the BIR said.—AOL, GMA Integrated News
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