February 24, 2017
REVENUE REGULATIONS NO. 03-17
| SUBJECT | : | Implementing the Tax Provisions of Republic Act (RA) No. 10693, Otherwise Known as the "Microfinance NGOs Act" |
| TO | : | All Internal Revenue Officers, Employees and Others Concerned |
SECTION 1. Background. —
Republic Act (RA) No. 10693, otherwise known as the "Microfinance NGOs Act," was signed into law on 03 November 2015. The Act is pursuant to the declared policy of the State to pursue a program of poverty eradication wherein poor Filipino families shall be encouraged to undertake entrepreneurial activities to meet their minimum basic needs including income security. It aims to encourage non-government microfinance institutions to work with the government to pursue community development and improvement in the socio-economic welfare of the poor and other basic and marginalized sectors through financially inclusive and pro-poor financial and credit policies and mechanisms, such as microfinance and its allied services.
On August 16, 2016, the Implementing Rules and Regulations of RA No. 10693 were duly approved by the concerned government agencies. Subsequently, this Bureau issued Revenue Memorandum Circular (RMC) No. 124-2016 dated November...
