Tax Alert No. 42 [Revenue Memorandum Circular (RMC) Nos. 116-2022 dated 27 July 2022 and 119-2022 dated 28 July 2022 ]

Publishing the Full Text of the 11 and 20 July 2022 Letters from the Food and Drug Administration (FDA) of the Department of Health (DOH) Endorsing Updates to the List of VAT-Exempt Medicines Under Republic Act (R.A.) No. 11534 Known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act

The Commissioner of Internal Revenue (CIR) has issued RMC Nos. 116-2022 and 119-2022, publishing full texts of the 11 and 20 July 2022 letters from the FDA of the DOH on the inclusion of certain medicines prescribed for hypertension, diabetes, high cholesterol, kidney diseases, mental illness, cancer, and COVID 19 and deletion of certain medicines prescribed for COVID-19 treatment to the List of VAT-Exempt Medicines Under R.A. No. 11534 or the CREATE Act.

You may access the full version of the Circular and Annex through the BIR website