A total of 59 medicines, including ones for cancer and other ailments that need “maintenance” drugs, will be exempt from the 12-percent value-added tax as recommended by the FDA, according to the BIR.
Lumagui said the BIR under his watch takes steps and issue circulars “that would make the lives of Filipinos financially easier.”
Also, the FDA took out from the list— therefore rescinding the VAT-exemption of—the cancer medicine with the generic name Ixekizumab. This means that Ixekizumab is, in fact, not a treatment for cancer. Plaque psoriasis is a condition that affects the skin, and is not life-threatening. In a related development, the BIR reduced by half the requirements for VAT refunds as part of efforts to promote ease of doing business in the country.For this purpose, the BIR issued RMC No. 71-2023 and Revenue Memorandum Order No. 23-2023, both effective July 1, 2023.
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