The Bureau of Internal Revenue (BIR) has released the generic names of additional 200 medicines that are exempted from value-added tax (VAT).
The names were contained in Revenue Memorandum Circular 68-2022 signed by BIR Commissioner Caesar R. Dulay based on the advisory submitted by Food and Drug Administration.
These drugs are utilized for the treatment of hypertension, cancer, mental illness, tuberculosis, kidney disease, diabetes and high cholesterol, according to Dulay.
The VAT exemption privilege is also extended to Covid-19 related medicines and medical devices under the Corporate Recovery and Tax Incentives for Enterprises.
The latest VAT-free drugs include Furosemide, Irbesartan, Labetalol Hydrochloride, Metformin, Fenofibrate+Resuvastatin, Ketoanalogues+Essential Amino Acids.
Citicoline, Vortioxetin, Rivastigmine, Zonisamide, Isoniazid+Pyridoxine, Pyrazinamide+Ethambutol, Abemaciclib, Alpelisib, Doxorubicin Hydrochloride, Flourouracil, Lenalidomide,
Budesonide, Metropenem, Metronidazole, Piperacillin, Tazobactam and Vancomycin.