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Revenue Memorandum Circular · RMC

RMC No. 112-2022

To publish the June 27, 2022 FDA letter endorsing updates to the "List of VAT-Exempt Medicines" under RA No. 11534 (CREATE Act), and to reiterate that the effectivity of the VAT exemption of the covered medicines and medical devices follows the FDA's publication of the updates.

Bureau of Internal RevenueIndependent research copy
Document type
RMC
Number
112
Year
2022
Text quality
Not specified

Document text

Reference copy · verify against the official source
RMC No. 112-2022 (issued July 28, 2022) publishes the June 27, 2022 letter of FDA OIC-Director General Oscar G. Gutierrez, Jr. endorsing updates to the "List of VAT-Exempt Medicines" under the CREATE Act (RA No. 11534): certain medicines prescribed for tuberculosis are now included, and medicines for COVID-19 treatment are deleted. Citing Q&A No. 1 of RMC No. 99-2021, the circular clarifies that the VAT exemption of the covered medicines and medical devices takes effect on the date the FDA publishes the updated list.