Summary
RMC No. 67-2019 publishes the full text of four Republic Acts: RA Nos. 11262, 11291, 11321 and 11328. It also points out tax provisions in RA Nos. 11291 and 11321.
Key points
- Acts published. RA No. 11262 amends Sections 85 and 103 of RA No. 9593 (The Tourism Act of 2009), RA No. 11291 is a Magna Carta of the Poor, and RA No. 11321 institutes the Farmers and Fisherfolk Enterprise Development Program of the Department of Agriculture. RA No. 11328 constitutes Barangay Lacnog West in the City of Tabuk, Province of Kalinga.
- Donor’s Tax under RA No. 11291. Under Section 12, donations, contributions and grants to programs under the National Poverty Reduction Plan (NPRP) are exempt from Donor’s Tax. This follows the NIRC of 1997, as amended by RA No. 10963 (TRAIN Law).
- Incentives under RA No. 11321. Under Section 12, gifts and donations of real and personal properties are exempt from Donor’s Tax. Local Government Units exempt structures, buildings and warehouses used to store farm inputs and outputs from real property tax, provided the assessed value does not exceed Three Million Pesos (P3,000,000.00).
- Other benefits under RA No. 11321. The Land Bank of the Philippines provides preferential rates and a special window to accredited farmers and fisherfolk enterprises. Income tax exemptions may be provided for income from operations, provided the farmer and fisherfolk cooperatives and enterprises register as barangay micro-business enterprises under RA No. 9178 (Barangay Micro-Business Enterprise Act of 2002).
Who is affected
- Donors to programs under the National Poverty Reduction Plan
- Accredited farmers and fisherfolk enterprises and cooperatives
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.