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Supreme Court exempts co-ops from 20% withholding tax

MANILA, Philippines - Members of credit cooperatives are now exempted from the payment of the 20-percent withholding tax, the Supreme Court has ruled.

Coop Members Exemption

THE Bureau of Internal Revenue (“BIR”) recently issued Revenue Memorandum Circular No. 47-2011 clarifying the taxability of interest from savings and time deposits of cooperatives’..

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