Revenue Memorandum Circular · RMC

RMC No. 48-2022

The circular is issued to align the CTE renewal policy — particularly the submission of a Certified True Copy of the latest financial statements of cooperatives duly audited by a BIR-accredited independent Certified Public Accountant per RMO No. 76-2010 — with the provisions of Section 232 (Keeping of Books of Accounts) of the National Internal Revenue Code of 1997 as amended by Section 71 of Republic Act No. 10963 (TRAIN Law).

Bureau of Internal RevenueIndependent research copy

Document type: RMC
Number: 48
Year: 2022
Text quality: Not specified

Document text

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This circular aligns the Certificate of Tax Exemption (CTE) renewal policy under RMO No. 76-2010 with Section 232 of the National Internal Revenue Code of 1997 as amended by the TRAIN Law. Cooperatives registered under the CDA whose gross annual sales, earnings, or receipts do not exceed P3,000,000 are no longer required to submit a financial statement audited by an independent CPA when renewing their CTE application. The circular takes effect immediately.