- BIR updated the list of VAT-exempt medicines for diseases like diabetes and hypertension.
- The update is part of the Tax Reform for Acceleration and Inclusion Law and the Corporate Recovery and Tax Incentives for Enterprises Act.
- The Food and Drug Administration endorsed the updated list.
- Eight drugs were added, including four for diabetes, two for high cholesterol, and one each for hypertension and mental illness.
- Medicines are available in tablet form.
- In December, 16 VAT-exempt medicines for cancer, diabetes, and mental illness were included.
- VAT exemption for prescription drugs for cardiovascular diseases and diabetes began in January 2019.
- Heart disease, cancer, and cerebrovascular disease were the top causes of death in the Philippines last year.
Source: philstar.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
