The Bureau of Internal Revenue (BIR) said capital equipment, drugs, and vaccines for coronavirus disease 2019 (COVID-19) are no longer exempt from value-added taxes (VAT).
In a Revenue Memorandum Circular, the BIR said that the sale or import of all drugs, vaccines, and medical devices specifically prescribed and directly used for the treatment of COVID-19 are now subject to VAT, effective Jan. 1, 2024.
Source: www.bworldonline.com
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