FIRB Resolution No. 007-88

November 16, 1988 FIRB RESOLUTION NO. 007-88 BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to endorse to the Congress of the Philippines, for its appropriate action, the grant of a tax credit to rural banks, such tax credit to be equivalent to the amount of the gross receipts tax payable by rural banks on their short-term agricultural loans, subject to the following conditions: 1. That the rural banks through the Rural Bankers Association of the Philippines (RBAP) shall set up a system to identify and certify the short-term agricultural loans qualified for the tax credit herein stated; and cd 2. That the rural banks through the RBAP shall submit to the Fiscal Incentives Review Board, on an annual basis, or as often as may be required by the FIRB, details of tax credit availed by them in relation to their short-term agricultural loans. (SGD.) VICENTE R. JAYME Secretary Chairman-FIRB