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Headline
More drugs exempted from VAT
By Nidz Godino
"There are some worthwhile exemptions..we will review those and revisit once and for all which ones are reasonable," Finance Secretary Benjamin Diokno went along with proposal, with Department of Finance planning to release list of items that would no longer enjoy VAT exemption before yearend.
Bureau of Internal Revenue (BIR) has issued an updated list of value added tax (VAT)-exempt medicines for various diseases such as cancer, hypertension and diabetes.
In its latest revenue memorandum circular, BIR approved list of 12 percent VAT-exempt products under Tax Reform for Acceleration and Inclusion Law.
Food and Drug Administration of Department of Health (DOH) endorsed updated list.
Circular covered inclusion of certain medicines for cancer, diabetes, high cholesterol, hypertension, kidney disease, mental illness and tuberculosis.
Total of 59 drugs were added to list, with almost half or 25 for treatment of cancer. Some 11 kinds of medicine are for kidney disease, 10 for diabetes and six for hypertension.
BIR also approved four more drugs for mental illnesses, two for treatment of high cholesterol and one for tuberculosis.
Dosages of medicines are in forms of concentrate for solution for infusion, tablets, powder for injection, capsules, granules for oral solution and dialysis solution.
BIR removed Ixekizumab solution for injection from list following recommendation of DOH.
Upon evaluation of certificate of product registration and package insert of drug, it was approved as an interleukin inhibitor indicated for treatment of moderate to severe plaque psoriasis in adults who are candidates of systemic therapy.
This means that the drug is no longer classified as a treatment for cancer.
It was in January 2019 when government started implementing VAT exemption for prescription drugs used to treat cardiovascular diseases and diabetes.
VAT exemption aims to make certain medicines more affordable to consumers.
Data from Philippine Statistics Authority showed top three causes of death in the country last year were heart disease, cancer and cerebrovascular disease, accounting for combined 40 percent of mortality.
Earlier this week, Finance Secretary Benjamin Diokno said government is revisiting implementation of VAT system in the country, as he pushes for repeal of some exemptions.
Former finance chief Carlos Dominguez previously called on Marcos administration to retain coverage of VAT exemptions to just few purchases only, including agricultural, food and medical products.
By eliminating exemptions, government can gain P142.5 billion every year.
