Business and Economy
BIR exempts additional medicines from VAT
Cheaper medicine for everyone is the offering of the ‘New BIR for the New Philippines.’ Our countrymen can count on the BIR to alleviate their expenses for the medicine they need. BIR continues to help our poor countrymen. (File Photo: Tbel Abuseridze/Unsplash)
MANILA – The Bureau of Internal Revenue (BIR) said 20 additional medicines for cancer, hypertension and mental illness are now exempted from value-added tax (VAT).
In a statement on Thursday, the BIR said Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 34-2024 last March 5 exempting from VAT certain medicines for cancer, hypertension and mental illness.
“The VAT exemption of these medicines for cancer, hypertension, and mental illness is a step towards a healthier country. The BIR shares the noble intention behind more affordable medicines for the public,” he said.
Lumagui said part of the BIR’s goal for this year is to provide real time updates to Filipinos on matters of taxation, including that of VAT exemption of certain medicines.
“Mas murang gamot para sa lahat ang handog ng ‘Bagong BIR sa Bagong Pilipinas.’ Maaasahan po ng ating mga kababayan ang tulong ng BIR upang maibsan ang kanilang gastos para sa kinakailangan nilang gamot.
Patuloy po ang pagtulong ng BIR sa ating mga mahihirap na kababayan (Cheaper medicine for everyone is the offering of the ‘New BIR for the New Philippines.
‘ Our countrymen can count on the BIR to alleviate their expenses for the medicine they need. BIR continues to help our poor countrymen),” he added. (PNA)
