RMC No. 157-2022: Publishes the November 28, 2022 letter from the Food and Drug Administration endorsing updates to the List of VAT-Exempt Medicines under RA No. 11534 (CREATE Act)

Summary

RMC No. 157-2022 publishes the November 28, 2022 letter from the Food and Drug Administration (FDA) endorsing updates to the List of VAT-Exempt Medicines under Republic Act No. 11534 (CREATE Act).

Key points

1. Medicines added. The list now includes certain medicines prescribed for mental illness and COVID-19 treatment.
2. Effectivity. As clarified in Q&A No. 1 of RMC No. 99-2021, the VAT exemption takes effect on the date the FDA publishes the updates to the list.

Deadlines and effectivity

• FDA letter dated November 28, 2022
• VAT exemption effective on the date of FDA publication of the updates

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.