CONGRESS on Monday approved the rules for granting full tax exemptions to cooperatives to allow them to serve their members and customers better and make more money, an official said.
All cooperatives dealing exclusively with members are exempt from paying all taxes and fees, including but not limited to income tax, percentage tax, donor tax, excise tax, documentary stamp tax and the annual P500 registration fee, said Senate Majority Leader Juan Miguel Zubiri, the principal author of the new Cooperative Code.
“This is good news for the 75,000 cooperatives all over the country,” Zubiri said.
“They have long been waiting for these guidelines so they could operate more freely and easily, without worrying about financial resources.”
The code’s implementing rules were approved by the Joint Congressional Oversight Committee on Cooperatives, and those entitle all registered cooperatives to tax exemptions from their transactions with banks and insurance companies.
Electric cooperatives are exempt from the value-added tax on systems losses and in their distribution of electricity to members.
Zubiri said the rules were the result of a joint effort by the Customs Bureau and the Cooperative Development Authority to comply with the provisions of the Cooperative Code of 2008.
The rules specify the tax exemptions of the different categories of cooperatives, and in particular those doing business with members only and those doing business with both members and non-members. –Fel V. Maragay, Manila Standard Today
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
