Coops (and members) exempt from Documentary Stamps It is final. The Bureau of Internal Revenue (BIR) has clarified to all its personnel that co-ops need not pay for Documentary Stamps. Thanks to a “Request for Ruling” that COOP-NATCCO Partylist Rep. Sabiniano Canama filed, the BIR issued Memorandum Circular 124-2020 dated November 25, 2020. On the […]
Co-ops to file “Request for Ruling” on Doc Stamps
Co-ops to file “Request for Ruling” on Doc Stamps Article 61 of the Cooperative Code says co-ops are exempt from Documentary Stamp Tax (DST). So why are DST’s required when co-ops transact with members or other entities? At the TWG discussions on July 21, some co-ops complained to the Bureau of Internal Revenue (BIR) that […]
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 […]