COOPERATIVES:

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COOPERATIVES:

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Title: COOPERATIVES:

1
COOPERATIVES Tax Compliance Exemptions
CACODEC Trece Martires November 28, 2007

2
Why are Coops special?

Coops are special because
government wants to foster them as practical
vehicles in promoting self-reliance and
harnessing people towards attainment of economic
development and justice.

3
Obstacles along the way

Ambiguous provisions of Revenue issuances
affecting Coops
Varying interpretations of COOP Code
provisions vis-à-vis the Tax Code
Deficiency Tax Assessments issued by
BIR against Coops
Lack of a unified stand among Coops on
how certain contentious issues.

4
Objectives of seminar

To review the tax exemption provisions of
the Cooperative Code vis-à-vis the Tax
Code and other BIR issuances
To clarify Coop problem areas and issues and
To review Coop compliance requirements.

5
Income Taxpayers Classification - COOPs
classified as
1. Individuals receiving compensation
income 2. Business and professional income
earners 2.1 individuals
2.2 corporations/associations 3. Passive
Income Earners COOPs 4.
Exempt Income Earners COOPs
Note COOPs with taxable income are also
classified under No. 2.

6
Business Taxpayers Classification - COOPs
classified as
Major groupings 1. VAT TAXPAYERS
1.1 12 VAT taxpayers Electric
COOPs 1.2 0 VAT taxpayers 2.
NON-VAT TAXPAYERS Other COOPs
2.2 Percentage taxpayers
2.3 Exempt taxpayers (from VAT/Tax)

7
Presentation Outline

1) Exemptions of Coops
2) Taxes due from Coops
3) Taxability of Members, Employees,
and Directors of Coops
4) Tax Compliance of Coops

LEGAL BASES OF EXEMPTIONS
Articles 61 and 62 of the Cooperative Code
of the Philippines (RA 6938)
2. Section 109 (L), (M),(N) of the National
Internal Revenue Code (amended by RA 9337)
3. Sections 133 and 234 of the Local Government
Code of 1991

9
INTRODUCTIONTOTAXATION
10
TAXING TO THE MAX?
WHY?
IS IT A MATTER OF NATIONAL SURVIVAL?
11
Taxes
Income of GOCCS
Borrowings
Revenues
Social services
Debt Servicing
Administration Services
INFRA Services
12
EXISTING TAXES

NATIONAL
Income tax
Estate tax
Donors tax
VAT
Other percentage tax
Excise tax
Documentary stamp tax

13
LOCAL

Business tax is a tax on trade or commercial
activity regularly engaged in as a means of
livelihood or with a view to profit
Fee is a charge fixed by law or ordinance for
the regulation or inspection of a business.

Charges refer to pecuniary liability, rent or
fees against persons or property.
Realty tax is a direct tax on the ownership of
lands and buildings and other improvements
thereon not specifically exempted and is payable
regardless of whether the property is used or not.

15
WHO IMPOSES WHAT TAXES?

Provincial Government
Transfer tax
Printing and publication
Sand, gravel and other quarry
Professional tax
Franchise fee
Amusement tax
Real property tax
Delivery truck tax

Municipal
Fees
Community tax
Business tax
Charges

Barangay
Barangay clearance fee
Billboards, signboard, non signs and outdoor
advertisement fee
charges

18
EXEMPTIONS OF
COOPERATIVES
19
TAX EXEMPTIONS OF COOPs
Category Transacting with Members
only Exemption seven (7) kinds of Internal
Revenue Taxes Period of Exemption
Continuing (no 10-year limit) (RR 20-001
amending RMC 48-91)

20
TAX EXEMPTIONS OF Coops
Category Transacting w/ members non-members
w/ P10M Reserves lt Exemptions same as
Coops dealing w/ members only Period of
Exemption same as Coops dealing members
only (BIR Ruling ECCP-003-2006 dated March 30,
2006) (RR 20-001 amending RMC
48-91)

21
TAX EXEMPTIONS of COOPs
Category Transacting w/ Members and non-
members w/ over P10M Reserves Internal
Revenue Taxes Exempt on transactions with
members and non-members within ten years,
provided that at least 25 of the net income of
the Coop is returned to the
members. Period of Tax Exemption After 10
years, to be taxed on business with nonmembers
(BIR Ruling ECCP 003-2006 dated March
30, 2006)

22
Exemptions of COOPs (NIRC)

Internal Revenue Taxes 1. Income tax on
income from operations 2. VAT under Sec 109,
NIRC except Electric Coops 3. 3 percentage
tax under Sec 116 of NIRC 4. Donors tax to
duly accredited charitable/
research/educational inst reinvestment to
socio-eco projects w/in the area of COOPs 5.
Excise tax under Title VI of the NIRC 6. DST
(the party who is not exempt pays) 7.
Registration fee of P500.00

23
Exemptions of COOPs (LGC of 1991)

1. Taxes, fees on Coops registered
under Republic Act No. 6938. (Sec 133)
2. Real Property Tax on all real properties
owned by duly registered cooperatives
under RA 6938. (Sec 234) CDA Memo Circular
93-005 BLGF Memo Circular 02-97

24
Sales by Agricultural Coops Exempt from VAT
under Section 109 (L) Conditions 1. duly
registered with CDA 2. in good standing
with CDA
Noted Agri-food products exempt from VAT but
agri nonfood is now vatable. Section 109 (L)
does not make any distinction between the two
25
Importation of Agri Coops

Exempted from VAT
importation of direct inputs
importation of machineries and
equipment, including spare parts
to be used directly and exclusively
in the production and/or processing
of their produce
(Section 109L of the NIRC)

26
Gross Receipts of Credit/Multi-Purpose
Coops Exempt from VAT under Section 109 (M)
Conditions 1. duly registered with CDA
2. in good standing with CDA
Note RA 9337 deleted the phrase whose lending
operation is limited to members. Impact Coops
exempt on transactions even for non-members.
27
Sales by non-elec, non-agri, non-creditCoops Ex
empt from VAT under Section 109 (n)
Conditions 1. duly registered with CDA 2.
in good standing with CDA 3. share
capital contribution of each member does
not exceed P15,000.
(BIR Ruling DA-029-06 dated February 2, 2006)
28
Exemption from EWT
Coops that are exempt from income tax are
consequently exempt from Expanded Withholding
Tax. As Withholding Tax Agent however, they are
not exempt from withholding and remitting the tax
on their payment for goods and services that are
subject to Expanded Withholding Tax. (BIR Ruling
DA-029-06 dated February 2, 2006
29
Exemption from VAT on Importation of machinery
and Equipment

Conditions for exemption
directly needed in operation of
Coops primary purpose
complies with the requirements
of DOF-CDA Circular 1-90
(BIR Ruling DA-029-06 dated Feb 2, 2006 )

30
Exemption from DST on Members share certificate
Coop members contribution, being entirely
different in nature and in substance from
corporate shares of stocks, is not subject to
DST imposed under Section 174 of the
NIRC. (BIR Ruling DA-591-2006 dated October 5,
2006)
31
Gross Receipt of Electric Coops
Income Tax NEA-registered - Exempt w/in 30
years CDA-registered - dealing w/
members Exempt dealing w/ non-members
Exempt w/in 10 years on business with
non-members Value-Added Tax NEA and CDA
registered - Subject to 12
(BIR Ruling DA-384-2005 dated September 7,
2005) (BIR Ruling DA-108-2006 dated March 14,
2006
32
TAXES DUE FROM COOPERATIVE
S
33
COOPs regardless of classification shall be
subject to
1. 20 FT on interest income on Peso
deposits 2. 7.5 FT on interest income on
deposits 3. CGT on real properties/shares of
stocks 4. DST on transactions COOPs dealing
with non-members whose accumulated reserves
and undivided net savings gt P10M 5. VAT on
purchases of goods and services
34
Sale or exchanges of Real Property and Shares of
stocks
On sale of RP-capital assets 6CGT 1.5 DST
on selling price or fair market value whichever
is higher. On sale of shares of stocks
5 on first P100,000 net gain 10 on the
excess over P100,000 net gain
(BIR Ruling ECCP-003-2006)
35

Business Activities of the Coops Other
Not listed in the Articles of Cooperation.
Income of Coops not related to the main/
principal business, subject to all
taxes under the Tax Code of 1997.
Applicable to all Coops, whether dealing
with members or both members and
non-members.

36
Purchase of goods and services of COOPs All
COOPs are liable to pay VAT on their purchase
of goods and services because said tax is an
indirect tax which can be passed on or shifted
to the buyer. The COOPs are exempt only on
their own transactions (i.e. sales, not
purchases) (BIR Ruling 008-01 DA 029-06)
37
Interest on bank deposits of COOPs All COOPs
are liable to pay 20 FT on Peso deposits and
7.5 on Dollar deposits. (BIR Ruling 008-01
DA 029-06, etc.) However, interest on bank
deposits of Cooperative Employees Retirement
Plan is exempt from FT. (BIR Ruling DA 259
dated April 12, 2006)
38
12 VAT on Electric COOPs All electric COOPs,
whether CDA or NEA-registered are liable to pay
the 12 Value Added Tax. VAT exemption
repealed by RA 9337 effective November 1, 2005.
39
TAXABILITY of Members, Employees and
Directors of COOPERATIVES
40
The exemption of the cooperatives
does not extend to the
individual members. (BIR Ruling
ECCP-003-2006 dated March 30, 2006)
41

Net Surplus distributed to members
(Patronage Refunds)
Not Subject to Income Tax
Not subject to VAT
No need to declare in ITR
(BIR Ruling DA 075-05, dated March 9, 2005)

Net Surplus Distributed to Members
(Interest on members share capital)
Subject to Income Tax
Not Subject to Withholding Tax
Not subject to VAT
To be declared in Income Tax Return
(BIR Ruling DA 075-05, dated March 9, 2005)

43
Interest on deposits Considered as income
subject to income tax. Include in other
taxable income in the income tax
return. (BIR Ruling DA-591-2006 dated October
5, 2006) (BIR Ruling DA 029-2006, dated
Feb 02
44
Dumaguete Cathedral Credit Coop vs CIR , CTA case
no. 6827, 2/6/07

The CA held that cooperatives are liable to
withhold the 20 final withholding tax on
interest income of savings and time deposits of
its members.
The Tax Code of 1997 imposes the final
withholding tax on interest from any currency
bank deposit and yield or any other monetary
benefit from deposit substitutes and from trust
funds and similar arrangements. CTA held that
savings and time deposits made to cooperative
fall under the phrase similar arrangements as
provided for under the Tax Code.

45
Advances of Owner-members Considered as
Payables. Not Income of the
Owner-Members. Not subject to income
tax. (BIR Ruling DA 029-2006, dated Feb 02,
2006)

46
Compensation Income

Working for just one cooperative-employer with
annual compensation income
Subject to income tax
Subject to withholding tax
Need not file income tax return
Substituted filing applies
BIR Form 2316 serves as substituted return
Provided income tax due tax withheld
(RR 2-98, Sec 2.83.4)

47
Compensation Income

Annual compensation income of P60,000 (P5,000 or
less per month) or minimum wage, whichever is
higher
Not Subject to withholding tax
Subject to income tax
Substituted filing (SF) does not apply (can be
waived)
Need to file income tax return (need not, if
SF)
Employee need to sign waiver for withholding if
he wants to be under SF.
(RR 2-1998 and RR 1-2006)

48
Compensation Income

Required to file, regardless of amount
1. Deriving compensation from two or more
employer
2. Deriving income from both compensation
and business/profession
3. Deriving compensation while spouse has income
from business/profession
4. In case of married individual where one spouse
received compensation income exceeding P60,000
5. If income tax withheld is not equal tax due
(RR 2-98, Sec. 2.83.4)

49
Compensation Income

De Minimis Benefits (Not taxable)
1. Medical cash allowance to dependents of
employees - P750.00/employee per semester or
P125/month
2. Rice subsidy - P1,000/month or one sack of
50-kg rice/month worth P1,000
3. Uniform and clothing allowance - P3,000/year
4. Actual yearly medical benefits -
P10,000/year
5. Laundry allowance not exceeding P300/month
(RR 10-2000, Section 1)

50
Compensation Income

De Minimis Benefits
(Not taxable)
6. Employees achievement awards -
P10,000/year
7. Xmas/Major anniversary celebrations
P5,000/year
8. Flowers, fruits, books, or other similar
items
(for illness, marriage, birth of a
baby, etc.)
9. Daily meal allowance for overtime work -
25 of basic minimum wage and
10. Monetized unused vacation leave credits -
not
exceeding 10 days /year.
10-2000, Sec 1)

51
Compensation Income

Not Taxable aggregate of P30,000 and below
13th month pay
14th month pay
Mid-year bonus
Xmas bonus
Productivity incentives
Loyalty award
(RR 8-2000 dated August 21,
2000)

52
Directors Fees If the director is an
employee of the coop considered as
compensation income If the director is
not an employee of the coop treated as
professional income subject to creditable
withholding tax.

53
EXPANDED SENIOR CITIZENS (SC) ACT (RR 4-2006
as amended by RR 1-2007)
54
Compensation income of a SC
1. Gross compensation above the poverty level
as determined by NEDA per year (over
P60,000)- subject to income tax 2. Gross
compensation is within poverty level as
determined by NEDA per year (P60,000 and
below) - not subject to income tax
55
Business Income of a SC

Gross Business Income above the poverty level as
determined by NEDA per year (over P60,000)-
subject to income tax
2. Gross Business Income is within poverty
level as
determined by NEDA per year (P60,000 and
below) not subject to income tax

56
Mixed Income of a SC
Annual Taxable Income of a SC refers to
the annual gross compensation, business and
other income received by the SC during the
taxable year from all sources as defined in Sec.
31 of NIRC of 1997. The same rule in the
previous slides applies.
57
Requirements for exemption of SC 1. File for
tax exemption with the RDO where the SC
resides 2.Submit his/her OSCA ID and
3. File an annual information return.
58
Benefits of a benefactor of of a SC A
taxpayer-benefactor of a SC is considered
as Head of Family, provided that 1. The
SCs income does not exceed poverty level
2. The SC must be living with dependent
upon his benefactor for his chief support
and 3. The benefactor must register the SC
as his dependent with the RDO where both
reside.
59
Benefit of having a SC-employe An employer of
a SC is entitled to additional deductions from
their gross income equal 15 of the
total amount of the salaries and wages paid,
provided that 1. The employment shall be
continuous for for a period of at least
six (6) months and 2. The annual
taxable income of the SC does not exceed the
poverty level set by NEDA.
60
Senior Citizens Privileges (RR 1-2007) Deleted
the TIN requirement under Sec 8(5) of RR 4-2006
in order that establishments may claim the
sales discount as deductions from gross income

61
Senior Citizens Privileges (RR 1-2007) Added
Section 10 to RR 4-2006, clarifying that the
basis of the VAT is the selling price net of
the 20 discount.

62
Basis of Computation of VAT on sale to Senior
Citizens

Amount of sale (without VAT) P100.00
Less 20 sales discount 20.00
Vatable sale
P 80.00
Plus 12 VAT (based on P80) 9.60
Total amount to be paid by SC P 89.60

63
TAX COMPLIANCE
REQUIREMENTS OF OF COOPERATIVES
64
REGISTRATION OF COOPERATIVES 1. WITH
CDA 2. WITH LGU 3. WITH BIR

65
When to register more than once? 1.
Establishment of a new branch 2. Establishment
of a storage place 3. Establishment of place of
production 4. Engaging in different business
activity

66
What to register with BIR? 1. The Coops head
office, branch or facility 2. Type of tax the
Coop is required to pay 3. Books of accounts 4.
Sales Invoices and Official Receipts 5. Register
as a Withholding Tax Agent

67
Effect of failure to register with BIR 1. The
Coop will be subject to penalty for failure
to register under RMO 9-2006 2. The Coop
cannot print Invoices and official receipts
and that will mean more penalties and 3.
The Coops request for CTE cannot be
processed.

68
CERTIFICATE OF TAX EXEMPTION Procedure in
securing a CTE A. Submit application for CTE
to the Legal Division, RO through the
RDO having jurisdiction over the principal
place of business of the Coop. B. Attach
the ff documents to the letter 1. Certified
true copy of a. Art of Cooperation and By
Laws b. Cert of Registration
with CDA 2. Original copy of Cert of
Good Standing
69
CERTIFICATE OF TAX EXEMPTION
3. Cert under oath by Chairperson/Manager
a. Whether the Coop is dealing with members
or w/ both members/non-members
b. Amount of accumulated reserve fund
and undivided net savings
c. At least 25 of the NS is returned to
members in the form of interest
and/or patronage refund d. List of
members and share contribution of
each member. 4. Latest FS duly audited
by an independent CPA
70
Effect of Coops failure to secure a CTE A
Coop filed for request for CTE in 1999 but was
not acted upon by the BIR in 2005 it reapplied
for exemption but never received communication
from BIR. It was ruled that effective date of
tax exemption is from August 11, 1999, date of
approval of the Coops Registration
Certificate. Note With
application filed exemption applies
Without application ROs assess Coops
(BIR Ruling ECCP-003-06 dated March 30,
2006)
71
CERTIFICATE OF Good Standing A very
important document needed in securing
CTE requirement for VAT exemption
72
CERTIFICATE OF Good Standing Requirements 1.
Application letter signed by chairman or
reps 2. AR together with audited FS 3. Copy
of Bond of accountable officer 4. Minutes of
latest general assembly 5. Certification under
oath re SCA requirements 6. Certification of
no pending case with CDA 7. Information sheet
duly accomplished and 8. Certification fee of
Php200.00 Note New COOPs are exempt from 1-6

73

Annual Information Return
File Annual Information Return
Not required to File Income tax Return
Use Form 1702 version (Exempt portion)
(BIR Ruling DA 029-2006 dated Feb 02,
2006)

74
Annual Information Return To be submitted on or
before 15th day of the 4th month after EOY
Attach Profit and Loss Statement/Balance
Sheet Certificate that there has been no
change in the By- Laws, Art of Cooperation,
activities, sources and disposition of
income Attach Copy of the letter of
exemption/ruling Attach Original Certificate of
Good Standing.
75
Books of Accounts and other Records
Subject to audit periodically
by BIR Revenue Officers
(BIR Ruling DA 029-2006, dated Feb 02, 2006)

76
Accreditation of Tax Practitioners
77
Accreditation of Tax Practitioners (RR
11-2006) requires that certain official
statements (returns, financial statements,
reports, protests, request for ruling,
official correspondence and other
statements) filed in behalf of a taxpayer, be
signed or certified to by BIR accredited
persons.
78
REVENUE REGULATIONS NO. 7 - 2007

Additional procedural and/or Documentary
requirements in connection with the preparation
and submission of financial statements
accompanying the Tax Returns.

79
Contents and Format of Financial Statements to
beAttached to the Annual Income Tax Return
orInformation Return

The account titles to be used must be
specific and not control accounts which must be
completely enumerated in the financial statements
must conform to the basic framework of the
financial reporting standards promulgated by the
Financial Reporting Standards Council (FRSC) of
the Philippines which are the generally accepted
accounting principles in the Philippines which
include the Philippine Accounting Standards and
the Philippine Financial Reporting Standards and
the refinements introduced thereon in respect to
the different industries as well as to the rules
and requirements of regulatory agencies that have
supervision over them such as SEC, BSP, IC and
CDA.

The Profit and Loss Statement shall show
separately by segment with breakdown of the
specific accounts, the following
1. Sales/Revenues
2. Cost of Sales/Services
3. Selling and Administrative Expenses
4. Financial expenses, if any.
5. Other income
6. Other Expenses
(Note Items 1,4, 5 and 6 should be fully
explained in the Notes to Financial Statements
items 2 and 3 should be supported by schedules)

81
COVERAGE The Financial statements shall be
composed of the following 1. Balance sheet 2.
Statement of Income 3. Statement of Changes in
Equity 4. Statement of Cash Flows
5. Notes comprising a summary of
significant accounting policies other
explanatory notes 6.
Schedules
82

COOPs as Withholding Tax Agents
What are to be withheld?
1) Withholding tax on compensation
2) Expanded Withholding tax on
certain income payments
3) Final Withholding tax on certain
passive income
4) Fringe Benefit Tax

Withholding Tax
After withholding, you remit to BIR
1) Withholding tax on compensation
(10th day after EOM using 1601C)
2) Expanded Withholding tax on
certain income payments
(10th day after EOM using 1601E)
3) Final Withholding tax on certain
passive income
(10th day after EOM using 1601F)
4) Fringe Benefit Tax
(25th day after the end of the quarter)

84
Revenue Memorandum Circular No. 39-2007

Clarifying the income tax and VAT Treatment of
agency fees/gross receipts of security agencies
including the withholding of taxes due thereon.

85
Withholding tax compliance

Contract Price
The agency fee
The security guards salaries

86
Withholding tax compliance

Insofar as the agency fee is concerned, the
Client is constituted as the withholding agent of
the EWT.
With respect to the portion of the Contract
price representing the amount segregated and
earmarked as salaries of the security guards, the
security agency shall be the one responsible for
the withholding of the tax on compensation income.

87
Withholding tax compliance

However in order to comply with the
requirement for deductibility, the Security
Agency must furnish its client, on or before
January 31 of the year following the year of
withholding, a notarized certification indicating
the names of the guards employed by the client,
their respective TINs, the amount of their
salaries and the amount of tax withheld from
each. This certification together with the
covering receipt must be kept on the file by the
Client as substantiation for the claim of the
expense.

Withholding Tax
For remittances of expanded withholding tax,
attach
MAP Monthly alpha list of payees
COOP gives the payee Form 2307
(certificate of creditable income tax withheld)
Payee-income earner attach the Form 2307
to the SAWT and the ITR.
SAWT Summary alpha list of
withholding agents of income payments
subjected to withholding tax

Withholding Tax
How to file the MAP BY COOPs/SAWT
1) Hard copies 10 or less payees/WAs
2) Floppy Diskette over 10 payees/Was
3) E-filing for taxpayers under EFPS
SAWT is filed in the same manner ONLY BY
COOPs that are subject to income tax in
cases where certain income were subjected
to Expanded Withholding Tax.

COOP employees
Need not file income tax return,
if qualified for substituted
filing.
Note 1. COOP withholds and remits
correct income tax from employees
2. COOP issues BIR Form 2316 to
employee as the substituted return.
3. COOP files the annual information
return BIR Form 1604-CF.

91
COOP employees Conditions for substituted
filing 1. employee receives compensation
income, regardless of amount during the
year 2. employee receives income from just
one employer 3. the amount tax withheld
equals tax due 4. the employees spouse also
complies with the above
92
RMO 19-2007Consolidated Revised Schedules
of Compromise penalties for violations of the NIRC
93
Common Violations of Cooperatives

Failure to Register
Compromise is P 2,000 to 20,000 depending upon
the location of the cooperative.

94
Common Violations of Cooperatives

Failure to pay and display the annual
registration fee (BIR Form No. 0605)
No Certificate of Registration Displayed
Failure to display the poster Ask for BIR
receipt or Notice to the public to demand
receipts/invoice
Compromise for each violation of the above is P
1,000

95
Common Violations of Cooperatives

Failure to keep/preserve records required by law
or regulations
Compromise is P 200 to P 50,000 based on the
annual gross sales, earnings or receipt

96
Common Violations of Cooperatives

Failure to make, file/submit any return or supply
correct information at the time or times required
by law or regulation.
P 2,000 to P 25,000 based on gross sales,
receipts or earnings.

97
Common Violations of Cooperatives

Failure to withhold or remit withheld taxes at
the time or times required by law or regulations
P 200 to P 25,000 based on the amount of tax not
withheld or remitted

98
Common Violations of Cooperatives

Failure to have books of accounts audited and
have the financial statements attached to the
income tax return certified by an independent CPA
duly accredited by the BIR.
P 2,000 to P 25,000 based on gross sales,
receipts or earnings.

99
Updates

REPUBLIC ACT NO. 9480
AN ACT ENHANCING REVENUE ADMINISTRATION AND
COLLECTION GRANTING AN AMNESTY ON ALL UNPAID
INTERNAL REVENUE TAXES IMPOSED BY THE NATIONAL
GOVERNMENT FOR TAXABLE YEAR 2005 AND PRIOR YEARS

100
Department OrderNo. 29-07(August 15, 2007)

Rules and Regulations to Implement
Republic Act No. 9480

101
Who may Avail of Tax Amnesty

Individuals, whether resident or nonresident
citizens
Estates and trusts
Corporations
Cooperatives and tax exempt entities that have
become taxable as of December 31, 2005
Other juridical entities including partnerships

102
Exceptions

Withholding agents with respect to their
withholding tax liabilities
Those with pending cases falling under the
jurisdiction of the PCGG
Those with pending cases involving unexplained or
unlawfully acquired wealth revenue or income
under the Anti Graft and Corrupt Practices Act

103
Exceptionscont

Those with pending cases filed in court involving
violation of the Anti-Money Laundering Law
Those with pending criminal cases filed in court
or in the Department of Justice for tax evasion
and other criminal offenses under Chapter II of
Title X of the national Internal Revenue Code of
1997, as amended

104
Exceptionscont

Those with pending criminal cases filed in court
for felonies of frauds, illegal exactions and
transactions, and malversation of public funds
and property under Chapters III and IV of Title
of the Revised Penal Code and
Tax cases subject of final and executory judgment
by courts.

105
COMPLIANCE TESTING
106
CAVITE,
GAME K N B?
Duly registered with CDA?
107
DEAL OR NO DEAL ?
Certificate of Good Standing
108
R U IN OR OUT?