Tag: VAT exemption

More cancer, diabetes and mental illness medicines exempted by BIR from Value-Added Tax (VAT)

More cancer, diabetes and mental illness medicines exempted by BIR from Value-Added Tax (VAT)

carlocarrasco

Some good news for those who need medicine but have limited financial resources. The Bureau of Internal Revenue (BIR) announced that several more medicines for cancer, diabetes and mental illness have officially been declared exempted from the Value-Added Tax (VAT), according to a GMA Network news report.

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

The Bureau of Internal Revenue (BIR) has exempted 16 more medicines for cancer, diabetes, and mental illness from value-added tax (VAT).

Under Revenue Memorandum Circular (RMC) 131-2004, the BIR updated the list of VAT-exempt medicines to include those for cancer — Degarelix freeze-dried powder with 80 milligrams (mg) and 120 mg, and Tremelimumab concentrates with 25 mg and 300 mg dosages.

It also exempted more medicines for diabetes including Sitagliptin and Linagliptin film-coated tablets.

Also included in the VAT-free medicines are those for mental illnesses such as Clomipramine Hydrochloride tablets, and Midazolam film-coated tablets.

The BIR said the additional exemptions were made in response to the updated list of VAT-exempt products from the Food and Drug Administration.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you happy to hear that the BIR declared VAT-exempt more medicines of diabetes, mental illness and cancer?

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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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

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VAT exemption in sale of residential properties hiked to P3.6 million

VAT exemption in sale of residential properties hiked to P3.6 million

carlocarrasco

Those of you who own residential properties should be aware that the Bureau of Internal Revenue (BIR) formally announced that it has hiked the value-added tax (VAT) exemption in the sale of residential properties to P3.6 million (over P400,000 higher than previous), according to a Philippine News Agency (PNA) news article.

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

The Bureau of Internal Revenue (BIR) has increased the threshold for value-added tax (VAT) exemption for the sale of house and lot as well as other residential dwellings from nearly PHP3.2 million to PHP3.6 million.

This, as BIR Commissioner Romeo Lumagui Jr. has issued Revenue Regulations 1-2024, compliant with Section 109 (P) of the National Internal Revenue Code.

The adjustment reflected the commitment to align the threshold with present values every three years using the consumer price index as published by the Philippine Statistics Authority.

“This timely increase in VAT exemption shows our commitment to Excellent Taxpayer Service. This increase in the selling price threshold, for VAT exemption purposes, of the sale of house and lot, and other residential dwelling from PHP3,199,200 to PHP3,600,000 gives testament to the BIR’s improved and updated services,” Lumagui said.

The BIR said its focus on Excellent Taxpayer Service aligns with President Ferdinand R. Marcos Jr.’s recent signing of the Ease of Paying Taxes Act.

The enactment of the legislation pushes for a modernized tax system, aiming to assist taxpayers in fulfilling their obligations, Lumagui said.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a property owner, does the BIR’s act affect you? Do you think the raised VAT exemption will make a strong impact on many residential properties?

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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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco