Summary
RMC No. 34-2024 publishes the full text of the February 5, 2024 letter from the Food and Drug Administration (FDA) endorsing updates to the List of VAT-Exempt Medicines under RA No. 10963 (TRAIN Law) and RA No. 11534 (CREATE Act).
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Key points
- List changes. The list now includes certain medicines for cancer, hypertension and mental illness.
- Effectivity of exemption. Under Q&A No. 1 of RMC No. 99-2021, the VAT exemption of covered medicines and medical devices under the CREATE Act takes effect on the date the FDA publishes the updates to the list.
Who is affected
- Sellers and importers of covered medicines
Deadlines and effectivity
- FDA letter dated February 5, 2024
- Exemption effective on the date of FDA publication of the list updates
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.