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Revenue Memorandum Circular · RMC

RMC No. 157-2022

To publish the November 28, 2022 letter from the FDA Director General endorsing updates to the "List of VAT-Exempt Medicines" under the CREATE Act.

Bureau of Internal RevenueIndependent research copy
Document type
RMC
Number
157
Year
2022
Text quality
Not specified

Document text

Reference copy · verify against the official source
RMC No. 157-2022 (issued December 27, 2022) publishes the November 28, 2022 letter of FDA Director General Samuel A. Zacate endorsing updates to the "List of VAT-Exempt Medicines" under the CREATE Act (RA No. 11534), which now include certain medicines prescribed for mental illness and COVID-19 treatment. Consistent with Q&A No. 1 of RMC No. 99-2021, the VAT exemption for the covered medicines and medical devices takes effect on the date the FDA publishes the updates to the list.