BIR exempts 20 more medicines for cancer, hypertension, mental illness from VAT
By TED CORDERO, GMA Integrated News Published March 7, 2024 2:10pm The Bureau of Internal Revenue (BIR) on Thursday has exempted additional 20 medicines for cancer, hypertension and mental illness from value-added tax (VAT). In a statement on Thursday, the BIR said Internal Revenue Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 34-2024 on […]
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By TED CORDERO, GMA Integrated News
The Bureau of Internal Revenue (BIR) on Thursday has exempted additional 20 medicines for cancer, hypertension and mental illness from value-added tax (VAT).
In a statement on Thursday, the BIR said Internal Revenue Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 34-2024 on March 5, 2024.
The latest circular exempted from VAT certain medicines for cancer, hypertension, and mental illness.
The BIR said the circular was issued due to the letter from the Food and Drug Administration of the Department of Health that endorsed an updated list of VAT-Exempt Products under Republic Act No. 10963 and 11534.
To recall, the FDA endorsed 20 more medicines for cancer, hypertension, and mental illness to be exempted from value-added tax (VAT), making them more affordable for those in need of them.
Below is the list of additional VAT-exempt drugs and medicines under Section 109(AA) of the National Internal Revenue Code of 1997, as amended by the TRAIN Law and CREATE Act:
“The VAT exemption of these medicines for Cancer, Hypertension, and Mental Illness is a step towards a healthier country. The BIR shares the noble intention behind more affordable medicines for the public,” said Lumagui.
On January 31, the BIR had earlier exempted from VAT 21 medicines for cancer, diabetes, hypertension, kidney disease, mental illness, and tuberculosis.—RF, GMA Integrated News
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