RMC No. 93-2017: Circularizes the letter issued by the Microfinance NGO Regulatory Council in relation to the implementation of RR No. 3-2017 re: tax provisions of RA No. 10693 (“Microfinance NGOs Act”)

Key points

1. 2% gross receipt tax. Under Section 5 of RR No. 3-2017, Microfinance NGOs certified by the SEC to have no derogatory information are deemed accredited under Section 2, Rule 11 of the IRR for one (1) year from the effectivity of RA No. 10693, unless sooner revoked. They may avail of the 2% gross receipt tax on income from microfinance operations.
2. Registration update. Under Section 7 of RR No. 3-2017, duly registered and accredited Microfinance NGOs, including those deemed accredited, must update their registration with their Revenue District Offices to reflect their accreditation.

Who is affected

• Microfinance NGOs certified by the SEC as having no derogatory information
• Registered and accredited Microfinance NGOs

Deadlines and effectivity

• Deemed accreditation: one (1) year from the effectivity of RA No. 10693, unless sooner revoked