FOREGONE revenues from tax and duty exemptions on Covid-19 vaccine imports processed by the Department of Finance (DOF) last year reached almost P8.7 billion.
FOREGONE revenues from tax and duty exemptions on Covid-19 vaccine imports processed by the Department of Finance last year reached almost P8.7 billion.
Of the 276 requests that were received from vaccine importers by the DOF’s Revenue Office , 254 applications were approved and issued tax exemption indorsements . It was Dominguez who approved the inclusion of all Covid-19 vaccine imports in the express, or Mabuhay, lane of the DOF Revenue Office to allow the quick processing of the tax and duty exemptions of the doses within 24 hours.
Meanwhile, Napao said the DOF RO also issued TEIs to 823 applications for value-added tax exemptions on imports of Covid-19 medicines and medical devices, which resulted in foregone VAT revenues of P382.1 million in 2021.
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