Why do co-ops have to submit TIN of members? QUEZON CITY — When the Republic Act 9520 became law in February 2009, co-operators rejoiced because the Code enforced in Articles 60 & 61 tax exemptions for cooperatives when transacting with members. But the celebrations stopped cold as the realization came that there were many requirements […]
CDA says: “We tried to mitigate the harshness of JAO 1-2019”
CDA says: “We tried to mitigate the harshness of JAO 1-2019” At the discussions of the Technical Working Group on the Tax Exemption held March 4 in the House of Representatives, leaders of primary co-ops complained that the penalties for non-submission of the Annual Tax Incentive Report (ATIR) are “too harsh.” The Joint Administrative Order […]
Co-ops complain: Penalty for ATIR non-submission ‘too harsh’
Co-ops complain: Penalty for ATIR non-submission ‘too harsh’ QUEZON CITY – “Very few co-ops have availed of the tax exemptions. Why is it that we have exemption in the law but after a decade only 33% of co-ops have availed? Why give co-ops the privilege of exemption when they will be deprived in the end? […]
Working Group to ease how co-ops obtain & maintain CTE
Working Group to ease how co-ops obtain & maintain CTE QUEZON CITY – The difficulties of co-ops in obtaining their Certificate of Tax Exemptions may end soon as the Bureau of Internal Revenue (BIR) and the Cooperative Development Authority (CDA) have sat down with sector leaders on March 4 in the House of Representatives to […]
Barbaza MPC builds ‘reefs’ for local Antique fisherfolk
Barbaza MPC builds ‘reefs’ for local Antique fisherfolk Barbaza, ANTIQUE — Barbaza MPC extends help to local fisherfolk by establishing Six (6) fishing zones in the municipal waters of Tibiao. This project, in partnership with Katahum Tours, BFAR, DENR, LGU Tibiao, MFARMC and Antique Eco-Tourism Association, Inc, aims to provide fishing zones to local fisherfolk […]
NATCCO Submits Regulatory Relief Recommendation to CDA
NATCCO Submits Regulatory Relief Recommendation to CDA With the lockdown in most parts of the country, co-ops deferred collection of loan payments from members in compliance with the Bayanihan Heal as One Act that declared a moratorium on loan payments, interests and fees. This resulted in decline in profitability. Many people were unable to work […]
Digital transactions, webinars needed more than ever
Digital transactions, webinars needed more than ever During the quarantine period that began on March 16, traveling to public places and crowd gatherings have stopped. People have stayed home to avoid contracting the COVID-19 disease. Thus, co-op members and staff stayed home. Many co-ops, especially in urban centers closed. But thanks to the KAYA Payment […]
Land Bank of the Philippines asked to lower I-Rescue rate
Land Bank of the Philippines asked to lower I-Rescue rate After meeting virtually with co-op sector leaders on April 23, the House Committee on Cooperative Development came up with a resolution to ask the LBP to lower the interest rate on its I-Rescue Lending Program from the current 5% to 2%. With Small and Medium […]
Kidapawan co-ops camp after quakes
Kidapawan co-ops camp after quakes KIDAPAWAN CITY — Powerful earthquakes hit Central and Southern Mindanao last year and three member co-operatives of the NATCCO Network saw their offices here damaged. The co-ops are Sta. Catalina Credit Cooperative, Mediatrix Multi-Purpose Cooperative, and BCS Credit Cooperative in Bansalan Municipality 28 kilometers away. According to the Philippine Institute […]
Davao City receives NACUFOK, Tagum Cooperative donation
Davao City receives NACUFOK, Tagum Cooperative donation DAVAO CITY – To stem the spread of the Corona Virus, Malacanang Palace released on March 16 guidelines for the enhanced community quarantine starting March 16. Only private establishments “providing basic necessities and such activities” are allowed to remain open during the quarantine period. “Essential business” allowed to […]