Tax Liability of Non-agricultural Cooperative Association with Net Assets Not Exceeding P500,000.00
BIR Ruling No. 111-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 18, 1958
Full text
February 18, 1958 BIR RULING NO. 111-58 The Administrator Cooperative Administration Office Manila S i r : In reply to your letter dated January 30, 1958, I have the honor to inform you that non-agricultural cooperative association with net assets not exceeding five hundred thousand pesos need not file their income tax returns inasmuch as they are exempt from all taxes under Section 66 of Republic Act No. 2023. However, inasmuch as the said Act became effective only beginning June 22, 1957, a return should be filed for the income received from January 1st to June 21st of 1957. Said return should be filed not later than March 3, 1958. prll Very truly yours, (SGD.) JOSE ARAAS Commissioner of Internal Revenue
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