BIR: Some medications will be free of VAT in 2024

 

The Bureau of Internal Revenue (BIR) has announced steps to lower the cost of several critical pharmaceuticals this year by eliminating or lowering the Value Added Tax (VAT) on them in response to the public's ongoing requirements.

The goal of expanding the list of medications free from value-added tax (VAT), which was put into effect last year, is to give customers relief, particularly in light of the ongoing pandemic. The BIR claims that the purpose of eliminating the VAT on some medications is to lessen the financial strain that Filipinos bear from their medical bills.

Basic essentials including public maintenance pharmaceuticals, antihypertensive medications, antibiotics, and other necessary prescriptions frequently used in daily life are included in the list of medications covered by this policy.

This action emphasizes how crucial it is for the general public to have access to healthcare, especially when it comes to the cost of care. It is anticipated that the removal or reduction of VAT on necessary medications will provide Filipinos with easier access to them without having to pay exorbitant costs.

The public, the pharmaceutical industry, and the healthcare sectors must continue to work together to ensure the successful and seamless implementation of these new regulations. The BIR is anticipated to release more information and policies about the implementation of these measures in the upcoming months.

In general, the removal or reduction of VAT on necessary medications this year is a step in the right direction for enhancing Filipinos' access to and satisfaction with healthcare. It shows how the government is still concerned about the welfare and needs of its people, especially when it comes to health and life care.