BIR exempts 59 more medicines from VAT

The Bureau of Internal Revenue (BIR) has exempted certain medicines for cancer, diabetes, hypertension and other diseases from the Value Added Tax (VAT).

Based on Revenue Memorandum Circular 72-2023, 59 medicines for cancer, hypertension, high cholesterol, diabetes, mental illness, tuberculosis, and kidney disease have been added to the list of VAT-exempt products under the TRAIN Law and CREATE Act.

This is a welcoming development for those who are taking the medicines for their maintenance.

“Maganda para medyo nakakaluwag luwag, saka syempre nabawasan na ‘yung presyo. Pandagdag din sa pamasahe araw araw,” said Rolando Alonzo, a utility worker who uses maintenance medicines, in a report on Balitanghali on Monday.

(It gives us a bit of a relief because the price of the medicines has been reduced. This gives us an additional budget for our daily fare.) — Giselle Ombay/BM, GMA Integrated News