Unions, Federations Declare Stand on Raquepo, CETF, Unity Leaders of Unions and Federations have signed and issued separate declarations agreeing to 1) work together, 2) urging President Marcos to retain Alexander Raquepo as Chairperson of the Cooperative Development Authority (CDA), and 3) push for prerogative of primary cooperatives to choose where or to whom to […]
BSP, CDA Release Proposed Joint Circular on E-Money Issuers
BSP, CDA Release Proposed Joint Circular on E-Money Issuers The Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA) have released a proposed joint circular that will set guidelines for cooperatives planning to operate as electronic money issuer-non-bank financial institutions (EMI-NBFIs) or operators of payment systems (OPS). The document is titled: “Guidelines for Cooperatives Engaged or Intending to Engage in Activities […]
TIN requirement of co-op members stays, says BIR
TIN requirement of co-op members stays, says BIR The Bureau of Internal Revenue (BIR), the Government agency for tax collection, stood pat that co-ops must submit the Tax Identification Numbers amidst calls for its repeal. In its Revenue Memorandum Circular 124-2020 issued on November 25,the BIR has made its verdict final. The RMC was in […]
Why do co-ops have to submit TIN of members?
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 […]
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 […]
Guarco visit seen to boost Philippine co-ops
Guarco visit seen to boost Philippine co-ops International Cooperative Alliance president, Ariel Guarco, is set to visit the Philippines on February 5 and 6 to confirm the solidarity of Philippine cooperatives with the three million cooperatives worldwide. This was announced by the Philippine Cooperative Center (PCC) composed of some 30 co-op federations all over the […]
Ravanera insists co-ops are automatically tax exempt
Ravanera insists co-ops are automatically tax exempt QUEZON CITY – The blame-game is on. Bureau of Internal Revenue officials say they merely implement the rules, and that they have informed their officials all over the country to do the same. The question is whether the CDA has informed co-ops. On November 5, COOP-NATCCO Partylist Representative […]