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Revenue Memorandum Circular · RMC

RMC No. 93-2024 Digest

To publish the full text of the June 20, 2024 letter from the Food and Drug Administration of the Department of Health endorsing updates to the List of VAT-exempt products under the TRAIN Law and the CREATE Act.

Bureau of Internal RevenueIndependent research copy
Document type
RMC
Number
93
Year
2024
Text quality
Not specified

Document text

Reference copy · verify against the official source
RMC No. 93-2024 (issued August 28, 2024) publishes the full text of a June 20, 2024 letter from the Food and Drug Administration (FDA) of the Department of Health endorsing updates to the List of VAT-exempt products under RA No. 10963 (TRAIN Law) and RA No. 11534 (CREATE Act). The updates add certain medicines for cancer, high cholesterol, hypertension, and mental illness, and delete medicines for hypertension. Citing Q&A No. 1 of RMC No. 99-2021, the circular clarifies that the VAT exemption of the covered medicines and medical devices under the CREATE Act takes effect on the date the FDA publishes the updates to the list.