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FDA Endorses 10 More Drug Products for VAT Exemption
6 Articles
6 Articles
FDA endorses 10 more drug products for VAT exemption
The Food and Drug Administration (FDA) has endorsed 10 additional drug products for inclusion in the Bureau of Internal Revenue’s (BIR) list of Value-Added Tax (VAT)-exempt medicines.In FDA Advisory No. 2025-0510 issued on June 4, the agency identified the newly endorsed products, which include treatments for high cholesterol, cancer, diabetes, hypertension, and mental health disorders. FDA said these conditions are among the leading public heal…
FDA endorses 10 more medicines for VAT exemption
MANILA – The Food and Drug Administration (FDA) has endorsed 10 additional drug products to be included in the list of medicines that are exempt from value-added tax (VAT). In a public advisory on Wednesday, the FDA said the newly endorsed drugs address conditions representing significant…
The standard sets a new threshold of 10 million pesos to consider an acquirer in that category in certain transactions. The measure seeks to speed up the process of identifying final consumers in large-scale transactions, eliminating the need for a presumption by the seller and based on an objective criterion of [...] The post ARCA modifies the VAT collection regime for final consumers appeared first on Trade and Justice.
Since July 1, supermarket purchases for less than $10 million will not be subject to the VAT collection regime. What the new ARCA standard says.
Ámbito
Diario TextualThe Agency for Revenue and Customs Control updated the VAT collection regime for transactions with final consumers. As of July, it will not be mandatory to identify the buyer when transactions do not exceed $10 million, within the framework of a tax simplification policy.
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