The Philippines Food and Drug Administration (FDA) issued an Advisory No. 2024-0498 dated 06 March 2024, entitled “Delisting of COVID-19 Medicines and Devices from the List of VAT-Exempt Health Products”, informing the stakeholders and all concerned clients that the products used for COVID-19 shall no longer be VAT-Exempted, effective 01 January 2024.
This action is in line with Section 12 of the Republic Act (RA) No. 11534. Pursuant to this, the Bureau of Internal Revenue (BIR), who has been identified by the FDA as a part of other implementing agencies related with the implementation of VAT-exempted medical devices, drugs, and vaccines, has also issued Revenue Memorandum Circular No. 7 – 2024.
Further information on the FDA Advisory, as well as the list of VAT-Exempted Health Products can be accessed here.
If you have any queries about this draft guidance, please contact us at sales@andamanmed.com or click the button below.