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
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!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
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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