Summary
RMC No. 17-2024 publishes the November 29, 2023 letter from the Food and Drug Administration (FDA) endorsing updates to the List of VAT-Exempt Medicines under RA No. 11534 (CREATE Act).
Key points
- List changes. The list now includes certain medicines for cancer, diabetes, hypertension, kidney disease, mental illness and tuberculosis, and deletes a medicine for hypertension.
- Effectivity of exemption. Under Q&A No. 1 of RMC No. 99-2021, the VAT exemption of covered medicines and medical devices 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 November 29, 2023
- 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.
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