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Manila Bulletin devider Philippines devider National devider Gatchalian calls on drugstores, retailers to immediately implement VAT exemption for specific meds

Gatchalian calls on drugstores, retailers to immediately implement VAT exemption for specific meds

Published Feb 25, 2024 04:22 am

Senator Sherwin Gatchalian on Sunday, February 25 urged drugstores and other pharmaceuticals to implement value-added tax (VAT) exemption on specific medicines for the benefit of consumers.

This after the Food and Drug Administration (FDA) approved the addition of 22 more medicines, in addition to the 2,000 drugs, that are indicated for the prevention and management of diabetes, hypertension, cancer, high cholesterol, mental illnesses, tuberculosis, and kidney diseases, as well as medicines and medical devices specifically used for the prevention and treatment of COVID-19.

Subsequently, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 17, series of 2024, containing the list of additional medicines to be covered by VAT exemption as provided by Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act.

“Given the high prices of basic commodities, it is important that affordable medicines are made available to those who have existing medical conditions,” Gatchalian said in a statement.

“Dapat itong maipatupad sa lalong madaling panahon para sa kapakinabangan ng ating mga mamamayan, lalo na ang mga may sakit (This should be implemented as soon as possible so that the people can benefit from it, especially those who have illnesses),” the senator said.

The VAT exemption for these medicines is also specified under Republic Act No. 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

Likewise, Gatchalian also urged the consuming public to remain vigilant and ensure that they are paying the discounted rates for medicines listed.

The legislator particularly mentioned senior citizens, persons with disabilities (PWDs), and those with existing medical conditions.

The VAT exemption for these medicines took effect on last Feb. 19, 2024.

“Kailangang maging alerto ang publiko sa presyo ng mga gamot na kanilang binibili. Dapat makita ang VAT exemption sa resibo ng biniling gamot (the public should be alert about the price of the medicines they bought. The VAT exemption should be indicated in the receipt of the medicines purchased),” he stressed.

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