FDA list of VAT-exempt drugs/medicines, vaccines and medical devices pursuant to CREATE Act now available
(Revenue Memorandum Circular No. 81-2021, July 6, 2021)
This Tax Alert is issued to inform all concerned on the published “List of VAT-Exempt Products” pursuant to Republic Act No. 11534, also known as Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
Under CREATE Act, the sale or importation of the following medicines and other products for identified illnesses, are exempt from VAT:
RMC No. 81-2021 was issued to publish the list of VAT exempt approved drugs, medicines, vaccines and medical devices communicated by the Food and Drug Administration (FDA). Other conditions for VAT exemption are provided under Revenue Regulations No. 4-2021.
The list can be accessed thru the link below:
Download