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RMC No. 48-2022: Revises provisions on the submission of financial statements of cooperatives registered under the Cooperative Development Authority as a requirement for the renewal of Certificate of Tax Exemption of cooperatives pursuant to RMO No. 76-2010

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Summary

RMC No. 48-2022 revises the financial statement requirement for renewing the Certificate of Tax Exemption (CTE) of cooperatives registered with the Cooperative Development Authority (CDA) under RMO No. 76-2010.

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Key points

  1. Reason for the change. RMO No. 76-2010 required a certified true copy of the latest financial statements audited by a BIR-accredited independent CPA. This is aligned with Section 232 of the NIRC, as amended by Section 71 of RA No. 10963 (TRAIN Law), which requires audited books for entities with gross annual sales, earnings, receipts or output above ₱3,000,000.
  2. Revised rule. CDA-registered cooperatives whose gross annual sales, earnings or receipts do not exceed ₱3,000,000 need not submit financial statements audited by an independent CPA when renewing the CTE.

Who is affected

  • Cooperatives registered with the CDA with gross annual sales, earnings or receipts not exceeding ₱3,000,000

Deadlines and effectivity

  • Takes effect immediately

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

Related issuances (1)

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CitesRMO No. 76-2010

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.