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REPUBLIC
ACT NO. 4362
REPUBLIC ACT NO. 4362 - AN ACT TO
AMEND SECTION SIXTY-SIX OF THE PHILIPPINE NON-AGRICULTURAL CO-OPERATIVE
ACT
Section 1. Subsection (2) of Section sixty-six of Republic
Act Numbered Two thousand and twenty-three, otherwise known as the
Philippine Non-agricultural Cooperative Act, is amended to read as
follows:
"Sec. 66. Exemptions. — Co-operatives registered
under this Act shall, notwithstanding the provisions of existing law to
the country, enjoy the following exemptions:
"(1) Co-operatives with net assets of not more than
five hundred thousand pesos shall be exempt from all taxes and
government fees of whatever name and nature except those provided for
under this Act: provided, however, that co-operatives having net assets
in excess of five hundred thousand pesos shall pay taxes as provided
hereunder:
(a) Income Tax — they shall pay tax at the full rate
as provided under existing laws on the amount allocated for interest on
capital;
(b) Sales Tax — they shall pay fixed and percentage
taxes at the full rate as provided under existing laws; and
(c) They shall pay all other taxes, unless otherwise
provided herein at the full rate as provided under existing laws.
"(2) They shall be exempt from the payment of
documentary stamp tax, residence taxes, tax on banks and insurance
companies and municipal or city taxes: provided, however, that no
co-operative organized under this Act shall be exempt from the payment
of specific taxes levied by the National Internal Revenue Code on all
articles or merchandise manufactured by such co-operative."
Sec. 2. This Act shall take effect upon approval.
Approved: June 19, 1965.
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