Courtesy: Triple i Consulting Inc
BUREAU of Internal Revenue Commissioner Romeo D. Lumagui Jr. issued Revenue Memorandum Circular 72-2023 exempting from VAT certain medicines for Cancer, Hypertension, High Cholesterol, Diabetes, Mental Illness, Tuberculosis, & Kidney Disease. This is an update to the list of VAT – Exempt Products under Republic Act No. 10963 (TRAIN Law) and Republic Act No. 11534 (CREATE Act).
“We have exempted from VAT a total of 59 medicines for Cancer, Hypertension, High Cholesterol, Diabetes, Mental Illness, Tuberculosis, & Kidney Disease. This is a welcome addition to the list of VAT – Exempt Products,” Commissioner Lumagui stated.
Excellent Taxpayers Service is one of the pillars of Commissioner Lumagui’s administration. This includes the issuance of circulars that would make the lives of Filipinos financially easier. He aims to make the BIR an agency that is not merely goal-oriented, but also service-oriented.
