Summary
RMC No. 66-2012 defines the taxation of rural banks formed through consolidation of existing rural banks.
Key points
- No exemption if already availed. A consolidated rural bank is not entitled to the tax exemption under Section 15 of Republic Act No. 7353 where the constituent rural banks previously availed of that exemption.
- Remaining period. If either or both constituent rural banks could not enjoy the exemption for the entire five (5)-year period, the consolidated rural bank is entitled to it for the remaining period.
Who is affected
- Rural banks formed through consolidation
- Constituent rural banks
Deadlines and effectivity
- Exemption period: five (5) years, remaining period only where not fully enjoyed
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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