THE Bureau of Internal Revenue (BIR) has excluded nonprofit groups from the validity period of the Certificate of Tax Exemption (CTE) issued to corporations and entities in the Philippines. Based on Revenue Memorandum Circular 123-2024 issued by Internal Revenue Commissioner Romeo D. Lumagui Jr.
THE Bureau of Internal Revenue has excluded nonprofit groups from the validity period of the Certificate of Tax Exemption issued to corporations and entities in the Philippines.
“If there are material changes in the character, purpose or method of operation of the corporation or in the provisions of the employees’ retirement benefit plan, which are inconsistent with the basis for income tax exemption, the CTE shall be subject to revalidation,” Lumagui cleared. “The BIR noticed that there is still confusion as to the validity period of a CTE considering the implementation of other laws and revenue issuances,” Lumagui said.
These entities include the following: nonprofit labor; agricultural or horticultural organizations; mutual savings banks with no capital stock represented by shares and cooperative banks without capital stock for mutual purposes; and, beneficiary societies or associations to benefit members.
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