April 14, 2009
BIR RULING [COOP-(M-071) 256-09]
RA 6938; ECCP-070-2008
Prime People Multi-Purpose Cooperative
Unit 3B C & E Building
No. 26 Mindanao Avenue, Tandang Sora
Novaliches, Quezon City
Attention: Lilian M. Manila
Chairperson
Gentlemen :
This refers to your letter dated January 20, 2009 requesting for a Certificate of Tax Exemption under the provisions of Republic Act (RA) No. 6938, otherwise known as the "Cooperative Code of the Philippines".
Documents submitted show that Prime People Multi-Purpose Cooperative is a multi-purpose cooperative transacting business with members only; that it is registered with the Cooperative Development Authority (CDA) with Certificate of Registration No. N-624-6613 dated November 26, 2008 with Taxpayer Identification Number (TIN) 268-695-620-000; that a Certificate of Good Standing has been issued in its favor by Mr. Manuel C. Lapeña, Officer-In-Charge, Manila Extension Office, per CGS No. MEO-CGS-2008-479 dated December 04, 2008; and that the objectives and purposes for which it was formed are as follows:
1. To encourage thrift and savings mobilization among the members;
2. To create funds in order to grant loans for productive and providential purposes to its members;
3. To engage in assigning...
