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Revenue Memorandum Circular · RMC

RMC No. 42-2023

To publish the February 21, 2023 FDA letter endorsing updates to the List of VAT-Exempt Medicines under Republic Act Nos. 10963 (TRAIN Law) and 11534 (CREATE Act), and to state the effectivity of the VAT exemption of the covered medicines and medical devices under the CREATE Act.

Bureau of Internal RevenueIndependent research copy
Document type
RMC
Number
42
Year
2023
Text quality
Not specified

Document text

Reference copy · verify against the official source
RMC No. 42-2023 (issued April 4, 2023) publishes the February 21, 2023 letter of FDA Director General Samuel A. Zacate, Jr. endorsing updates to the List of VAT-Exempt Medicines under Republic Act Nos. 10963 (TRAIN Law) and 11534 (CREATE Act). The updated list adds certain medicines for cancer, diabetes, kidney disease, mental illness, and tuberculosis, and corrects medicines for high cholesterol and hypertension. Citing Q&A No. 1 of RMC No. 99-2021, the circular states that the VAT exemption of the covered medicines and medical devices under the CREATE Act takes effect on the date the FDA publishes the list updates.