Manila, Philippines – Days after the signing of CREATE MORE Act, ten medicines have been added to the Value Added Tax (VAT) exemption list.
In an advisory, Food and Drug Administration (FDA) revealed the ten now VAT-free medicines—those used for the treatment of cancer, diabetes, and mental illnesses.
For cancer medicines, Degarelix and Tremelimumab are now VAT exempted.
Diabetes meds such as Sitagliptin, Sitagliptin as Hydrochloride + Metformin Hydrochloride, Sitagliptin as Hydrochloride Monohydrate, and Linagliptin are now also free from VAT.
The VAT exemption list now also includes medicines for mental illnesses such as Clomipramine Hydrochloride, Chlorpromazine as Hydrochloride, and Midazolam.
Under the Tax Reform for Acceleration and Inclusion Act and CREATE Act, medicines used for treatment of cancer, diabetes, mental illness, and other serious diseases are granted with VAT exemptions.