June 21, 2010
BIR RULING [COOP-(007) 050-10]
R.A. No. 6938; BIR Ruling No. 008-01; ECCP-034-08; ECCP-063-2008
La Consolacion College Multi-Purpose Cooperative
(Formerly LCA Multi-Purpose Cooperative)
La Consolacion College Compound,
San Francisco, Iriga City
Attention: Ms. Rechilda L. Hugo
Chairman
Gentlemen :
This refers to your letter dated August 7, 2008 received by this Office on January 23, 2009 by way of 2nd Indorsement dated January 19, 2009 from Revenue Region 10-Legazpi City, requesting tax exemption of La Consolacion College Multi-Purpose Cooperative under the provisions of R.A. No. 6938, otherwise known as the "Cooperative Code of the Philippines". ATESCc
The facts, as you represent, are as follows:
La Consolacion College Multi-Purpose Cooperative is a multi-purpose cooperative duly registered with the Cooperative Development Authority ("CDA") on April 25, 1991 under Registration Certificate No. OC-980 and registered with BIR under TIN# 004-193-478-000. Pursuant to its Articles of Cooperation, the objectives of La Consolacion College Multi-Purpose Cooperative, are as follows:
1. To encourage thrift and savings mobilization among members for capital formation;
2. To create funds in order to grant loans for productive and providential purposes to its members;
3. To provide goody and...
