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RMC No. 54-2016: Circularizes the guidelines governing the issuance of Certificate of Compliance, in lieu of Certificate of Good Standing, pursuant to Cooperative Development Authority Memorandum Circular No. 2015-08

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Summary

RMC No. 54-2016 circularizes the guidelines for issuing a Certificate of Compliance (COC), in place of the Certificate of Good Standing, under Cooperative Development Authority Memorandum Circular No. 2015-08.

Key points

  1. What the COC is for. A COC is issued once a year. It can be used to avail of incentives and privileges under the CDA-BIR Joint Rules and Regulation implementing Articles 60 and 61 of RA 9520 in relation to RA 8424, among other purposes.
  2. Requirements. The cooperative submits a signed letter request stating the purpose, with a Board Resolution if an authorized representative signs. It also submits proof that all required reports for the preceding fiscal year were filed, or complete copies of them (2 copies), and a copy of the General Assembly minutes.
  3. Newly-registered cooperatives. They are exempt from those requirements and get a COC upon paying a certification fee of One Hundred Pesos (P100.00).
  4. Grounds for non-issuance. These are non-submission of required reports, failure to encode the Cooperative Annual Progress Report in CAPRIS and submit the printed form, willful failure to comply with mandatory officer trainings, unsettled fines or penalties for late or non-submission of reports, and a declaration of dissolution. A complaint on the legitimacy of leadership filed with the Authority is ground for suspension or non-release. Cooperatives that lost records through force majeure or fortuitous events must first comply with Section 6 of MC No. 2015-04.
  5. Filing period and validity. The request is made before the CDA on or before April 30 of the current year, and later requests are late filing. The COC covers operations for the year before the reporting period and is valid until April 30 of the succeeding year.

Who is affected

  • Cooperatives requesting a Certificate of Compliance
  • Newly-registered cooperatives

Deadlines and effectivity

  • Request on or before April 30 of the current year
  • COC valid until April 30 of the succeeding year

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.