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Special InTAX November 2016 Issue 11 Vol. 1
Special InTAX November 2016 Issue 11 Vol. 1
InTAX is an official publication of Tax Group of R.G. Manabat & Co.
The Bureau of Internal Revenue (BIR issued Revenue Memorandum Circular (RMC) No. 102-2016, 24 October 2016, to clarify the Taxpayer Identification Number (TIN) requirement for members of cooperatives applying for Certificate of Tax Exemption (CTE) under Revenue Memorandum Order (RMO) No. 76-2010 and RMC No. 81-2010.
The Circular allows the processing and issuance/revalidation of CTEs of qualified cooperatives which do not have yet the TIN of members, provided that they submit, in lieu thereof, an original copy of Certification under oath of the list of cooperative members, with their full name and capital contribution. It is clarified, however, that cooperatives are still required to complete and submit the required TINs of its members within six (6) months from the issuance of the CTE. Non-submission by the cooperatives of the members’ TIN requirement within the said period is a ground for the revocation of the CTE.
Special InTAX November attachment
© 2020 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
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