Summary
RMC No. 124-2021 publishes the full text of a letter from FDA Director General Rolando Enrique D. Domingo endorsing updates to the List of VAT-Exempt Products under RA No. 11534.
Key points
- Legal basis. The updates are under Section 109(1)(AA) of the Tax Code as amended by RA No. 11534, and as implemented by Section 4.109-(1)(B)(aa) of Revenue Regulations No. 4-2021.
- Relation to RMC No. 81-2021. This circular updates and supplements RMC No. 81-2021, which published the consolidated list of VAT-exempt products. That list controls the VAT exemption under Sections 109(1)(AA) and 109(1)(BB) of the Tax Code.
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.