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Showing posts from February 2, 2024

BIR: Some medications will be free of VAT in 2024

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  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 red...