BIR Ruling

March 4, 1976 Decena Credit Cooperative, Inc. (Kilusang Bayan ng Decena) Decena Street Pasay City Attention: Mr . Domingo T . Angeles Board President Gentlemen : This refers to your letter dated February 19, 1976 requesting information whether your cooperative is exempt from the payment of income tax. It is represented that the Decena Credit Corporation, Inc. is a duly re-registered cooperative with the Department of Local Government and Community Development under Certificate of Re-registration No. FF-060 RR dated May 12, 1975 having complied with the requirements of DLGCD Circular No. 75-2 dated January 7, 1975. In reply, I have the honor to inform you that under the foregoing circumstances, your cooperative is exempt from the payment of income tax for a period of five (5) years from the date of your registration with the Department of Local Government and Community Development pursuant to Section 5(a) of Presidential Decree No. 175. aisadc Very truly yours, CONRADO P. DIAZ Acting Commissioner of Internal Revenue TAN-1182-568-4 "TAXPAYERS SHOULD INDICATE THEIR TAN IN ALL COMMUNICATIONS TO THE BIR."