Penalties await coops failing to submit tax incentive reports

The government will impose penalties on cooperatives that fail to comply with tax incentive reporting under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

- LOUISE MAUREEN SIMEON

In a joint administrative order, the Department of Finance, Cooperative Development Authority (CDA) and Bureau of Internal Revenue (BIR) issued the guidelines that will govern the imposition of appropriate penalties for failure to submit mandated reports on tax incentives and benefits data.

This will cover all CDA-registered cooperatives with a valid and subsisting certificate of tax exemption (CTE) from the BIR.