September 24, 2009
BIR RULING [COOP-(M-142) 611-09]
RA 6938; 008-2001
R.P. Mora Accounting and Law Office
No. 2 Don J. Llorente Street
Capitol Site, Cebu City
Attention: Atty. Rheneir P. Mora
Manager
Gentlemen :
This refers to your letter dated February 9, 2008 requesting on behalf of your client, FAIRCHILD CEBU COMMUNITY CREDIT COOPERATIVE, 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 the FAIRCHILD CEBU COMMUNITY CREDIT COOPERATIVE (FCCCC) is a cooperative transacting with members only; that it is registered with the Cooperative Development Authority (CDA) with CDA Registration No. CBU-08-0123 dated October 7, 2004; that a Certificate of Good Standing has been issued in its favor by Col. Benjamin Teves Yu, Cooperative Development Authority, Cebu Extension Office; that the objectives and purposes for which it was formed are the following:
1. To pool the resources of the members by encouraging thrift and savings to stimulate capital formation;
2. To generate funds and grant loans for production and other purposes;
3. To provide related services to enable its members...
