Tax Alert No. 22 [Revenue Memorandum Circular 47-2022 dated 5 April 2022, released on 19 April 2022]

Publishing the Full Text of the 29 March 2022 Letter from the FDA Endorsing Updates to the List of VAT-exempt medicines under CREATE

The Commissioner of Internal Revenue has issued RMC 47-2022 publishing the full text of the letter from the Food and Drug Administration (FDA) dated 29 March 2022 endorsing the inclusion of additional VAT-exempt medicines under CREATE. 

The letter detailing the complete list of additional VAT-exempt medicines has been included as “Annex A” to the RMC. 

You may access the full version of the Advisory through the BIR website.