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PIA Press Release
2010/03/25

Cooperatives still subject to BIR audit

Cagayan de Oro City (25 March) -- After the signing of the Joint Rules and Regulations implementing Republic Act (RA) No. 9520 (Philippine Cooperative Code of 2008) last February 5, 2010, the Bureau of Internal Revenue (BIR) issued a revenue issuance, Revenue Memorandum Circular (RMC) No. 19-2010 regarding the tax audit guidelines for more than 75,000 cooperatives nationwide.

The RMC provided that, all tax cases prior to the effectivity date of RA 9520 last March 22, 2009, the old Cooperative Code under RA 6938 shall govern since the new law (RA 9520) did not provided any retroactive effect.

Also, all BIR offices are authorized to issue notices of investigation for the 2008 internal revenue tax returns of cooperatives, including tax returns of fiscal period taxpayers whose taxable year ended March 22, 2009.

Lastly, BIR has to secure prior authorization from the Cooperative Development Authority (CDA) or from any of its extension offices having jurisdiction over the cooperative for all other tax cases covering the period beyond March 22, 2009. Said authorization shall be released by CDA and the concerned extension office within 20 days from receipt of the request from the BIR.

Likewise, CDA shall also be providing the concerned cooperative said authorization provided to the BIR for their information.

BIR Commissioner Joel L. Tan-Torres said, "Cooperatives, even though they enjoy preferential tax treatment, shall still have to undergo BIR audit to ensure that they are properly complying with the requirements of the Tax Code and Cooperative Code."

Top management swears to accuracy of tax declaration

The Bureau if Internal Revenue (BIR) issued Revenue Regulations (RR) No. 3-2010 last February 26, 2010 requiring all taxpayers to submit a Statement of Management?s Responsibility that shall accompany the financial statements and the annual income tax return (ITR) for taxable year 2009.

"The ITR and its corresponding attachments," as Commissioner Joel L. Tan-Torres mentioned, "is the primary responsibility of the management of the taxpayer, so this shall be accompanied by the Statement of Management?s Responsibility."

The format and content of the Statement can be downloaded at the BIR website at www.bir.gov.ph. It is also available at any BIR office nationwide.

The aforementioned Statement should be duly signed by the individual taxpayer, president, managing partner, the Chief Executive Officer, the Chief Financial Officer or their equivalent, or any officer performing similar functions regardless of their designation.

For foreign corporations with branch office in the Philippines, the Statement shall be signed by its local manager who is in charge of its operations.

"All taxpayers required to file the annual ITR under the Tax Code shall be required to submit the Statement on or before the April 15 tax deadline," Commissioner Tan-Torres added. (BIR) [top]

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