Revenue Memorandum Circular · RMC

RMC No. 72-2023

To publish the May 22, 2023 letter of FDA Director General Samuel A. Zacate endorsing updates to the List of VAT-Exempt Medicines under RA No. 11534 (CREATE Act), and to restate that the VAT exemption takes effect on the date of FDA publication of the list updates.

Bureau of Internal RevenueIndependent research copy

Document type: RMC
Number: 72
Year: 2023
Text quality: Not specified

Document text

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RMC No. 72-2023 (June 29, 2023) publishes the May 22, 2023 FDA letter endorsing updates to the List of VAT-Exempt Medicines under the CREATE Act (RA No. 11534). The updates add certain medicines for cancer, diabetes, high cholesterol, hypertension, kidney disease, mental illness and tuberculosis, correct a medicine for hypertension, and delete a medicine for cancer. Per 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.