(Revenue Memorandum Circular No. 62-2020, June 25, 2020)
This Tax Alert is issued to inform all concerned on the published “List of Prescription Drugs and Medicines for Diabetes, High-cholesterol and Hypertension” which are exempt from VAT starting January 27, 2020.
Under Republic Act No. 11467, the sale and importations of prescription drugs and medicines for diabetes, high-cholesterol and hypertension were made are exempt from VAT. RMC 62-2020 served to implement this exemption based on the list communicated by the Food and Drug Administration (FDA).
The list can be accessed thru the below link:
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