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 […]
Cooperatives donate P5M for COVID vaccine
Cooperatives donate P5M for COVID vaccine While cooperatives all over the country are reeling from the COVID-19 Crisis and yet have complied with the Government regulations promulgated by the Cooperative Development authority and with the Bayanihan 2 Act that declared a moratorium on loan payments for all lending institutions – including cooperatives. But more importantly, […]
Cooperatives open National Cooperative Month
Cooperatives open National Cooperative Month Since the Covid-19 Crisis began, cooperatives all over the country have been quietly at work in their communities. They have provided financial services, issued moratoriums on loan payments, distributed rice & vegetables, provide transport to health workers, opened food stores, distributed personal protective equipment to medical professionals, and more. On […]
Co-ops to issue TINs to members (TIN Series Part 3)
Co-ops to issue TINs to members (TIN Series Part 3) QUEZON CITY — The Tax Identification Number (TIN) of co-op members is very important because without it, the Bureau of Internal Revenue (BIR) cannot issue a co-op its Certificate of Tax Exemption (CTE). Co-op leaders at a series of meetings with the Department of Finance, […]
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 […]