REVENUE MEMORANDUM CIRCULAR NO. 124-2021 issued on December 14, 2021 publishes the full text of the letter from Director General Rolando Enrique D. Domingo of the Food and Drug Administration endorsing updates to the “List of VAT-Exempt Products under Republic Act (RA) Nos. 11534” pursuant to Section 109(1)(AA) of the Tax Code of 1997, as amended by RA No. 11534, and as implemented under Section 4.109-(1)(B)(aa) of Revenue Regulations No. 4-2021.
               The Circular updates and supplements Revenue Memorandum Circular No. 81-2021, which published the consolidated list of VAT-exempt products and has become the controlling list insofar as the VAT exemption of items under Sections 109(1)(AA) and 109(1)(BB) of the Tax Code of 1997, as amended, is concerned.