Philippines: BIR issues tax provision for micro-finance NGOs

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The Bureau of Internal Revenue (BIR) has issued revenue regulations No. 3-2017 regarding executions of tax provisions for micro-finance NGOs on 24 February 2017. Regulation No 3-2017 shall take effect 15 days after its publication in the official journal or in a general newspaper.

Under the revenue regulation No. 3-2017, the micro-finance NGOs need to pay 2% tax based on their gross income from micro-finance operations rather than regular national taxes. The gross revenue should be based on income from lending business and insurance commissions. All other revenue generated by NGOs are subject to the applicable tax rates. Revenue Regulation No. 3-2017 shall take effect 15 days after its publication in the Official Gazette or in a general newspaper.

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