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June 21, 2010BIR RULING [COOP-(007) 050-10]R.A. No. 6938; BIR Ruling No. 008-01; ECCP-034-08; ECCP-063-2008La Consolacion College Multi-Purpose Cooperative(Formerly LCA Multi-Purpose Cooperative)La Consolacion College Compound,San Francisco, Iriga CityAttention: Ms. Rechilda L. HugoChairmanGentlemen :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". ATESCcThe 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...