Bogus Coops: Time is running out | BICOL TODAY

Bogus Coops: Time is running out

Rep. Anthony M. Bravo, Coop-Natcco Partylist. BICOLTODAY.COM PHOTO

By Felix ‘Boy’ Espineda, Jr.

QUEZON CITY – The cooperative sector in the House of Representative under the watch of Representative Anthony Bravo will work with government agencies to identify and curb the activities of bogus cooperatives. The move was seen as a commitment of the genuine coop sector in the tax collection efforts of the government.

In his privilege speech, the solon said that “they will not tolerate the activities of these pseudo-cooperatives who are circumventing the law to evade the payment of taxes. Such actions are giving the cooperative a bad name.”

Reiterated their position that the Vat exemption of the coop should be retained which was supported by 167 district and party-list representatives passed by the house on May 31 when it approved the Tax Reform for Acceleration and Inclusion(TRAIN) and contemplates of filing a resolution in aid of legislation to investigate the doings of the groups whose business operations are abusing the system of tax exemptions given to legitimate cooperatives, Bravo added.

This new challenge to us cooperatives needs an inter-agency approach composed of the Bureau of Internal Revenue, Cooperative Development Authority, Department of Trade and Industry and a representative from the coop sector to audit cooperatives in the country, the party-list solon said.

Taking the sentiments of the coops Bravo said that it is not right to remove the tax exemption of coops just because there are groups abusing the system and assured the government of its full cooperation that the tax exemption granted to the cooperatives are not abused.

“We commit to the government that we will police our own ranks. We will encourage the national and regional coop federations to ensure that their respective member cooperatives are real and are operating based on the cooperative values and principles that we instill to each and every co-operator,” he said. []

Posted by on July 28, 2017. Filed under Nation,Top Stories. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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