The Food and Drug Administration (FDA) has added 12 more medicines to the list of health products exempt from value-added tax (VAT), making them more affordable for Filipinos.
The newly exempted drugs include treatments for diabetes, mental illness, hypertension, kidney disease, cancer, and tuberculosis, as outlined in FDA Advisory No. 2024-1118.
This marks the fifth advisory issued by the FDA this year under the Tax Reform for Acceleration and Inclusion (TRAIN) Act and the CREATE Act.
The updated VAT exemption took effect on August 19, and a searchable database of all VAT-exempt health products is available online.
These additions join over 2,000 other VAT-exempt medications, providing significant financial relief to patients.
Source : PhilNews24 | August 21, 2024
