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Wednesday, September 9, 2009

Gov't Grant Co-ops Amnesty from Back Taxes

A joint resolution by the Department of Finance (DOF) and Cooperative Development Authority (CDA) granted amnesty to cooperatives from back taxes that have not yet been assessed by the Bureau of Internal Revenue (BIR).

So what initially are covered under this resolution? According to the report by the Philippine Daily Inquirer the following are covered:
  1. Basically, back taxes that have not yet been assessed;
  2. Transaction with banks and insurance companies;
  3. All investments in the cooperatives are virtually tax free;
  4. Income taxes from members interest on share capital
The above however, is not conclusive as it was written on the PDI report, I still have to verify whether these are true. I will post an update once I obtain the joint resolution.

See article from PDI. here

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