HAPPENING NOW: The Philippine Chamber of Cooperatives Inc. (PCCI), participated in the 2 TWG meetings held by the Senate Ways and Means Committee, chaired by Senator Win Gatchalian regarding the proposed Passive Income and Financial Intermediary Taxation Act (PIFITA).
On February 20 and 26, 2024, the Coop Chamber was represented in the Technical Working Group meeting on the Passive Income and Financial Intermediary Taxation Act (PIFITA). During the meeting on February 20, 2024, the PCCI through Executive Director Bustillos introduced the Philippine Chamber of Cooperatives Inc. to the committee secretary, Atty. Harold Ian Bartolome, and Legislative Staff Romeo Regacho. As a result, the Committee invited the Coop Chamber and the Coop Chamber participated in the 2nd TWG meeting last Monday (February 26, 2024) at the Senator Pecson Room, 2nd floor of the Senate of the Philippines.
PCCI reiterated the movement’s stance that cooperatives should not be covered by the proposed bill. They emphasized that there are already existing laws and policies that govern cooperative enterprises.
During the 2nd meeting of the TWG discussion on PIFITA, the Coop Chamber emphasized its position about the non-taxability of cooperatives, among other issues. The next TWG meeting is on Thursday (February 29).
By: Coop Chamber Executive Director, Mr. Edwin Bustillos via FB Messenger
