Mar 222017
The BIR has issued Revenue Regulations (RR) No. 3-2017 to implement the tax provisions of Republic Act (RA) No. 10693, otherwise known as the “Microfinance NGO Act.” In 2015, RA 10693 was signed into law to pursue poverty alleviation programs by encouraging underprivileged Filipinos to undertake entrepreneurial ventures that provide income security to their families. It aims to encourage non-government microfinance institutions to work with the government to pursue community development and improvement in the socioeconomic welfare of marginalized sectors through financially inclusive and pro-poor financial and credit policies and mechanisms, such as microfinance and its allied services.