Prescription drugs, or those drugs that require a doctor’s or qualified medical practitioner’s approval to be dispensed, will have zero value added tax (VAT).
That is, if Senate’s version of the Tax Reform bill will be followed.
The Senate now hopes to make the congressmen agree. It is because the zero-VAT is not included in the Congress’ version of the Tax Reform.
It is not also included in the Congress’ version of the proposed 10% excise tax by the Senate on cosmetic procedures (reconstructive surgery such as from birth defect, illness, or accident).
Other concerns proposed, discussed and recently approved by the Senate include the double increase in mining tax, the personal annual income of P250,000 (20,833 monthly) to be tax free, and others.
The Senate and the Congress will have a deliberation in the differences of their versions of Tax Reform bill.
They will make a unified version that is expected to be approved by President by Rodrigo Duterte.
Watch this video shared by GMA News via YouTube:
The Congress of the Philippines is the national legislature of the Philippines. It is a bicameral body consisting of the Senate (upper chamber), and the House of Representatives (lower chamber) although commonly in the Philippines the term Congress refers to the latter. The lower chamber is also called “Camara”.