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 yesterday, August 28, the BIR said Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 93-2024 on August 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.
In January this year, the BIR exempted from VAT 21 medicines for diabetes, cancer, and hypertension.
In March, it also exempted 20 medicines for cancer, hypertension, and mental illness. (Philippine News Agency)
