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RMC No. 98-2019: Publishes the full text of Republic Act No. 11439 entitled “An Act Providing for the Regulation and Organization of Islamic Banks”

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Summary

RMC No. 98-2019, issued September 12, 2019, publishes the full text of Republic Act (RA) No. 11439, An Act Providing for the Regulation and Organization of Islamic Banks.

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Key points

  1. Bangko Sentral oversight. The Bangko Sentral exercises regulatory powers and supervision over the operations of Islamic banks. It issues the implementing rules and regulations on Islamic banking.
  2. Tax treatment. The Government is to endeavor to reach neutral tax treatment between Islamic banking transactions and equivalent conventional banking transactions. This is within the provisions of the National Internal Revenue Code of 1997 (RA No. 8424), as amended.

Who is affected

  • Islamic banks

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.