2nd Quarter Regional Cooperative Development Council-1 Meeting, Candon City Center for Culture and Arts, Candon City, Ilocos Sur, June 11, 2019

1. THE TAX INCENTIVES MANAGEMENT
AND TRANSPARENCY ACT (TIMTA)
2nd
Quarter Regional Cooperative Development Council-1 Meeting
Candon City Center for Culture and Arts, Candon City, Ilocos Sur
June 11, 2019

2. LEGAL BASIS
RA No. 10963
Section 5(b) xxxxxx…Provided, That the
Cooperative Development Authority shall submit to
the Bureau of Internal Revenue a tax incentive
report, which shall include information on the income
tax, value-added tax, and other tax incentives
availed of by cooperatives registered and enjoying
incentives under Republic Act No. 6938, as
amended:

3. COVERAGE
All registered cooperatives
issued a Certificate of Tax
Exemption (CTE) and
availed of tax incentives.

4. SUBMISSION OF ANNUAL TAX INCENTIVES
REPORT
-submit the Annual Tax Incentives Report to the
Cooperative Development Authority-Extension Office
within the date specified below:Accounting
Period
Year Ending On
Deadline of Cooperative
submission
Calendar Year December 31 April 30 of the succeeding
year
Fiscal Year January –
November
15 days from the deadline
of filing of Annual Income
Tax Return

5. 1. Name of Cooperative
2. Registered Address
3. CDA Registration Number
4. Date of Registration with CDA
4. Tax Identification No. (TIN)
5. Type of Cooperatives
6. Category of Cooperative
7. Business Activities
8. General Reserve Fund
9. Transactions with Members Only
10.Transaction with Members /
Non-Members
DETAILS OF ANNUAL TAX INCENTIVES REPORT

6. For RCs - Form Annex A
10. Amount of Sales/Receipts
Members
Non-Members
11, Tax Incentives Claimed
Net Sales/Services/Interest Income
Cost of Sales /Services
Gross Revenues
Expenses
Net Surplus for Allocation
Net Surplus for Distribution of ISCPR
Income Tax Paid
Vat Payment

7. PENALTY PROVISION
Any registered cooperative issued a
Certificate of Tax Exemption (CTE) and availed
of tax incentives but fails to comply with the
submission of the reportorial requirements
shall be imposed a penalty as provided for
under the National Internal Revenue Code, as
amended. (Details of penalty will be disclosed
upon approval of the JAO)
FOR REGISTERED COOPERATIVES