BIR updates 2010 tax rules on shared drug discounts for seniors

MANILA, Philippines — The Bureau of Internal Revenue (BIR) has revised its 16-year-old tax rules on senior citizen discounts to clarify how pharmaceutical companies, distributors, and retailers can claim tax deductions when they share the cost of discounts on medicines. The amendments, issued under Revenue Regulations No. 7-2026, address a gap in the original rules