Cooperatives Exempt from All Taxes and Government Fees
BIR Ruling No. 165-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Apr 8, 1960
Full text
April 8, 1960 BIR RULING NO. 165-60 Philippine National Cooperative Bank Department of Commerce and Industry Building Port Area, Manila Gentlemen : In reply to your query embodied in your letters dated March 14, 1960 and April 1, 1960, I have the honor to inform you that only cooperatives with net assets of not more than five hundred thousand pesos (P500,000.00) are exempt from all taxes and government fees of whatever name and nature. Cooperatives having net assets in excess of P500,000.00 shall pay the following taxes: (a) Income Tax they shall pay at the full rate as provided under existing laws on the amount allocated for interest on capital; (b) Sales Tax they shall pay fixed and percentage taxes at the full rate as provided under existing laws on gross sales to non-members; and (c) They shall pay all other taxes, unless otherwise provided herein at the full rate as provided under existing laws. It appearing that your net assets is in excess of P500,000.00, you are liable for the payment of the abovementioned taxes. You are also required to file your income tax return for the year 1959. Enclosed herewith are the income tax forms requested in your letter. Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.