8 more medicines now VAT-free
Eight more medicines—including those for diabetes, hypertension, high cholesterol, and mental illness—have been added to the list of value-added tax-exempt medicines issued by the Bureau of Internal Revenue.
The Philippine STAR reported that the BIR gave the updated list approval under the Tax Reform for Acceleration and Inclusion Law and the Corporate Recovery and Tax Incentives for Enterprises Act.
Of the eight products, four are for diabetes (Gemigliptin, Gemigliptine with Metformin, Sitagliptin with Metformin Hydrochloride, and Sitagliptin Phosphate with Metformin Hydrochloride) and two are for high cholesterol (Amlodipine with Atorvastatin). One item was made VAT-free for hypertension (Amlodipine), and another for mental illness (Risperidone).
The dosage of the drugs are in the form of tablets, per the news outlet.
In December, the BIR expanded its VAT-exempted list with 16 additional medicines for cancer, diabetes, and mental illness.
The government began carrying out VAT exemption for prescription products for cardiovascular diseases and diabetes in 2019.
