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RMC No. 67-2020: Circularizes Republic Act No. 11439, entitled “An Act Providing for the Regulation and Reorganization of Islamic Banks”

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Summary

RMC No. 67-2020 circularizes RA No. 11439, an Act on the regulation and organization of Islamic Banks.

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Key points

  1. Tax treatment. The Government shall endeavor to achieve neutral tax treatment between Islamic banking transactions and equivalent conventional banking transactions. This is within the provisions of the National Internal Revenue Code of 1997 (RA No. 8424), as amended.

Who is affected

  • Islamic banks

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.