Cooperative Members – No FWT

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The SC ruled that cooperatives are not required to withhold the 20% final withholding tax (FWT) on the interest income paid on savings and time deposits of their members. (Dumaguete Cathedral Credit Cooperative v. Commissioner of Internal Revenue, GR182722, January 22, 2010)

Cooperatives duly registered with the CDA is exempt from Registration Fee of Php500.00 (RR 11-2008)