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
It’s women’s month!
“Support women every day of the year!”
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:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour
