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June 15, 2009BIR RULING [COOP-(M-101) 375-09]RA 6938; BIR Ruling No. 008-2001Kabalikat ng Pamayanan na Nagnanais Tumulong at YumamanMulti-Purpose Cooperative (Kapantay) MPCBuenavista, SablayanOccidental MindoroAttention: Ms. Evelia S. LicosChairpersonGentlemen :This refers to your letter dated February 28, 2008 requesting for a Certificate of Tax Exemption under the provisions of R.A. No. 6938, otherwise known as the "Cooperative Code of the Philippines". Documents submitted disclosed that Kabalikat ng Pamayanan na Nagnanais Tumulong at Yumaman Multi-Purpose Cooperative (KAPANTAY MPC) with Taxpayer Identification No. 004-135-914-000 is an agricultural multi-purpose cooperative transacting with both members and non-members. It is registered with the Cooperative Development Authority with Registration No. LGA-0621 dated March 7, 1991. A Certificate of Good Standing No. 08-0176 dated May 19, 2008 has been issued in its favor by Cooperative Development Authority Calamba Extension Office Director Nonie I. Hernandez.The objectives and purposes for which it is formed are the following:1. To encourage thrift and savings mobilization among the members for the capital formation;2. To create funds in order to grant loans for productive and providential purposes to its members;3. ...