07.18.23

VAT exemption on medicines

A new Revenue Memorandum Circular 72-2023 has been issued by the Bureau of Internal Revenue, which exempts several medicines from VAT. 

As of RMC 72-2023, 59 more medicines are now eligible for VAT exemption under the TRAIN Law and CREATE Act. These medicines include those for cancer, hypertension, high cholesterol, diabetes, mental illness, tuberculosis, and kidney disease.  The complete list of exempted medicines covered by this RMC can be found here.