The Department of Finance has directed all internal revenue officers to stop issuing tax assessments against cooperatives in response to their complaints.
In a memorandum circular, the finance department said the Bureau of Internal Revenue (BIR) should halt the issuance of these tax assessment based on the old cooperative law.
Under Article 60 of the new Cooperative Code, duly registered cooperatives that do not transact any business with nonmembers or the general public would not be subject to any taxes and fees imposed under the internal revenue and other tax laws.
Article 61 also provides that cooperatives transacting business with both members and non-members shall not be subjected to tax on their transactions with members. In relation to this, the transactions of members with the cooperative shall not be subject to any taxes and fees, including but not limited to final taxes on members’ deposits and documentary tax.
Cooperatives with accumulated reserves and divided net savings of more than P10 million are exempted from income tax, value-added tax, all other taxes unless otherwise provided and donations to charitable, research and educational institutions and reinvestment to socioeconomic projects within the area of operation of the cooperative may be tax deductible.
Finance Secretary Margarito Teves said that after the BIR and Cooperative Development Authority (CDA) joint issuance was completed, revenue officers could then issue assessments, but these “must be based on the new cooperative code, the IRR [implementing rules and regulations] and the BIR-CDA joint issuance on the tax-related provision of the law.”
The BIR and the CDA have completed the draft IRR and the draft joint issuance on the tax-related provisions of Republic Act 9520 or the Cooperative Code of 2008 in September.
According to Teves, the IRR and the BIR-CDA joint issuance has to be immediately subjected to formal consultations with all stakeholders, before its submission to the Joint Congressional Oversight Committee on Cooperatives. –Lailany P. Gomez, Manila Times
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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