Sen. Sonny Angara yesterday lauded the government for coming out with rules and regulations on the Value-Added Tax exemption of medicines which is set to take effect next month.
Angara, chairperson of the Senate Ways and Means Committee, said authorities should ensure that the amended provision of the VAT exemption on medicines measure is fully implemented to make essential prescription drugs accessible and affordable.
The senator from Aurora issued the statement after the Bureau of Internal Revenue recently issued Revenue Regulation 25-2018 exempting medicines for diabetes, high cholesterol, and hypertension from VAT, pursuant to Republic Act No. 10963.
The exemption takes effect on New Year’s Day. It was introduced during a Senate debate on the issue by Senate President Pro Tempore Ralph G. Recto.
Angara said he is elated by the BIR’s issuance of regulations on the amended VAT law as it would ensure that prices of essential medicines are reduced and made affordable to citizens.
“Dahil sa mahal ng gamot, kadalasang hindi nasusunod ang reseta ng doktor kaya naaantala ang paggaling. Dapat maipatupad na ito nang maayos ng pamahalaan para mapakinabangan na ng bawat pamilyang Pilipino ang mas abot-kayang mga gamot,” he added.
“With the VAT exemption, Type 2 diabetes patients who are taking Metformin – which costs P15 per tablet – twice a day can save around P1,300 in a year,’’ he said. (Mario B. Casayuran)