“Only the medicines and medical devices for COVID-19 with the corresponding dosage strength, and dosage form and route of administration included in the consolidated Iist of VAT-exempt Products submitted by the FDA to the BIR shall be considered as exempt from VAT,” the bureau said.
The clarification was done in response to stakeholders who have asked about the VAT exemption of medicines for diabetes, high cholesterol, hypertension, cancer, mental illness, tuberculosis, kidney diseases, drugs and vaccines, and medical devices prescribed and directly used for COVID-19 treatment under the Tax Code, as amended by the TRAIN Law and the CREATE Act.
Source bworldonline.com
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