In light of Republic Act No. 11467, the Consolidated VAT Regulations of 2005 (RR No. 16-2005, as amended by RR No. 13-2018) have been amended to include the VAT-exempt sale or importation of prescription drugs and medicines for:
- Diabetes, high cholesterol and hypertension (beginning 1 January 2020); and
- Cancer, mental illness, tuberculosis and kidney disease (beginning 1 January 2023).
Source PwC
Latest Posts in "Philippines"
- Philippine Court Bars VAT Deficiency Collection Due to Expired Three-Year Prescriptive Period
- Philippine Court Clarifies Input VAT Refunds for Zero-Rated Sales in Multinational Branch Case
- E-Invoicing and E-Sales Reporting: Assessing Readiness and Challenges for Full Implementation
- Tiny Invoice Errors Can Derail Big VAT Refunds: Lessons from Philippine Tax Court Cases
- Philippines Court Clarifies Rules on Unutilized Input VAT Refunds for Zero-Rated Sales
