The One-Million-Peso Requirement
We’ve received some emails from readers lately, and this time, we’d like to thank Michelle Roddy, a missionary who regularly travels to Manila. Michelle had a query about a particular Securities and Exchange Commission (SEC)-registration requirement for foundations: The notarized Certificate of Bank Deposit of not less than 1 million pesos. It’s a question often […]
Is your tax exemption certificate revalidated yet?
Most non-stock organizations and nonprofits enjoy tax exemption benefits, and they only have to apply for it once. Since July this year, however, the BIR turned things around: non-stock corporations and nonprofits in the country must now re-apply to revalidate their tax exemption certificates. This includes those organizations that have been issued such certificate prior to […]