Summary
RMC No. 108-2024 clarifies the taxability of Microinsurance Mutual Benefit Associations (Mi-MBAs) on income they receive.
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Key points
- No tax under Title II. Mi-MBAs are not taxed under Title II of the Tax Code of 1997, as amended, on income received as such.
- Conditions. The Mi-MBA must be registered and actually operate as such under RMO No. 38-2019. It must also hold a valid Certificate of Tax Exemption from the BIR.
Who is affected
- Microinsurance Mutual Benefit Associations (Mi-MBAs)
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.