Sunday, August 14, 2016
BILLS TO TAX CO-OPS
While these did not prosper in the 16th Congress, bills have been refiled in the 17th Congress with provisions to tax cooperatives by repealing their tax exemptions enjoyed under R.A. 9520.
The following is the statement of COOP-NATCCO Party List on the subject, issued last August 10:
"..In the 16th Congress, we have collectively succeeded in our campaign to oppose the provision in the proposed Fiscal Incentives Bill that sought to repeal the tax exemptions of cooperatives.
This initial success did not stop us from safeguarding the rights and privileges of cooperatives. We continued to monitor and made sure that the Fiscal Incentives Bill did not pass into law.
Now, in the 17th Congress, we would like to update all cooperatives and stakeholders that the Fiscal Incentives Bill was refiled both in the Senate and House of Representatives.
Senator Franklin Drilon filed Senate Bill No. 229, entitled Fiscal Incentives Rationalization Act. Cong. Eric Sison filed House Bill No. 231, entitled Rationalization of Fiscal Incentives Act.
Both bills contain a provision that will repeal Articles 60 and 61 of R.A. 9520, or the Philippine Cooperative Code.
As your voice in Congress, COOP-NATCCO will actively monitor these bills and oppose the particular provisions, that will revoke our cooperatives' tax privileges. We will appreciate the continued vigilance of the cooperative sector relative to this concern." (END).