BIR Acts to Ease Medication Costs Amid Pandemic

The Bureau of Internal Revenue (BIR) releases measures in response to public needs that seek to lower the cost of essential pharmaceuticals this year by eliminating or lowering the Value Added Tax (VAT) that is applied to them.

The BIR intends to reduce consumer financial burdens, particularly in light of the current crisis, by adding more pharmaceuticals to the list of those free from VAT that were introduced last year. The goal of removing VAT on some prescriptions is to help Filipinos who are struggling to pay for healthcare.

Essential pharmaceuticals like antibiotics, antihypertensive meds, maintenance prescriptions, and other vital treatments necessary for everyday life are among those impacted.

The importance of healthcare accessibility is emphasized by this indicator, especially about financial accessibility. Filipinos should be able to obtain essential pharmaceuticals more easily without having to worry about paying exorbitant costs now that the VAT has been removed or lowered.

The BIR will soon be releasing additional information and guidelines about how these projects will be carried out. To guarantee the smooth execution of these legislative changes, cooperation between healthcare organizations, the pharmaceutical industry, and the general public is still essential.

A big step toward improving Filipinos' access to and quality of healthcare is the decision to do away with or reduce the value-added tax on necessary pharmaceuticals starting in 2024. It emphasizes how dedicated the government is to meeting the needs and ensuring the welfare of its people, especially in the areas of healthcare and life support.

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