Coops reminded to submit reports or lose incentives

Cooperatives across the country were reminded of their duty to submit their annual regulatory reports to the Bureau of Internal Revenue and the Cooperative Development Authority so they could continue enjoying their tax incentives.
In a seminar last Jan. 18 at the Teachers’ Camp, Manila-based tax expert Ernesto P. Moreno highlighted the importance of proper and timely filing of tax returns with the BIR as well as the submission of the Annual Tax Incentives Report.
Participants were given an overview of the various reports that must be filed with the BIR.
Moreno also talked about the powers of the BIR to regulate, collect taxes from, and penalize cooperative taxpayers.
He also emphasized the various taxpayers’ rights specific to cooperatives when dealing with tax assessments.
Some of the participants asked questions related to their transactions with the BIR, including registration requirements, maintaining accounting records, separating records for members and non-members, dealing with BIR assessments, and withholding taxes and final taxes.
The Tax Incentives Management and Transparency Act (Timta) was also discussed.
Particularly, Moreno talked about the importance of properly filing the Annual Tax Incentives Report with the CDA, which is a new requirement to be submitted by registered cooperatives claiming tax exemptions.
He said failure to submit this report will result in hefty penalties, including the revocation of their certificate of tax exemption.
He cautioned cooperatives from simply filing the tax incentives report without proper basis, as this may result in penalties later on.
The 2019 Annual Tax Incentives Report must be submitted on or before April 30.
The 83 attendees came from 31 cooperatives in the country. A two-day workshop is scheduled by the organizers next month.
Interested participants may contact the organizers at (074) 309-6504, via mobile at 0949-102-8622, or via email at [email protected] for more information.
The seminar was organized by IOL Inc., a Baguio-based education and technology startup. – Press release