BIR confirms that more medicines have been exempted from VAT

In case you missed the news, the Bureau of Internal Revenue (BIR) recently announced that several more medicines have been exempted from the value-added tax (VAT), according to a Philippine News Agency (PNA) news article. The newly exempted medicines cover those related to cancer, high cholesterol, hypertension, and mental illness.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Bureau of Internal Revenue (BIR) said 15 more medicines for cancer, high cholesterol, hypertension, and mental illness are now exempted from value-added tax (VAT).

In a statement on Wednesday, the BIR said Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 93-2024 last Aug. 27, exempting from VAT certain medicines for cancer, high cholesterol, hypertension, and mental illness.

“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,” Lumagui said.

The bureau said the circular was made in response to the updated list of VAT-Exempt Products from the Food and Drug Administration, under Republic Act (RA) 10963 and RA 11534.

Let me end this piece by asking you readers: What is your reaction to this recent development? Did you notice any changes in the prices of medicines you bought recently? Are many members of your local community aware of this new development?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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