DOF, DOE ink joint memo circular granting LGU tax exemptions to electric cooperatives
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NewsTranscript
00:00On the other news, the Department of Finance and the Department of Energy signed a joint memorandum circular
00:06allowing electric cooperatives to seek tax exemptions from local government units
00:12to reduce financial burdens and improve electricity access.
00:16The circular outlines how ECS can benefit from tax exemptions under Republic Act 7160 and 10531.
00:26It was drafted following concerns raised during budget discussions and has the support of the League of LGUs.
00:34Non-stock ECS registered with the NEA and stock cooperatives with the CDA are exempt from local taxes.
00:44ECS must meet operational standards set by the NEA and achieve at least a 75% compliance rating to qualify for exemptions.
00:54The Bureau of Local Government Finance will oversee the implementation and compliance
00:59with the DOE coordinating the distribution and monitoring of the circular.