Exemptions.
Section 66
SEC. 66. Exemptions.—Co-operatives registered under this Act shall, notwithstanding the provisions of existing law to the contrary, enjoy the following exemptions: Co-operatives with net assets of not more than five hundred thousand pesos shall be exempt from all taxes and government fees of whatever name and nature except those provided for under this Act: Provided, however, That co-operatives having net assets in excess of five hundred thousand pesos shall pay taxes as provided hereunder: Income Tax—they shall pay tax at the full rate as provided under existing laws on the amount allocated for interest on capital; Sales Tax—they shall pay fixed and percentage taxes at the full rate as provided under existing laws on gross sales to non-members; and They shall pay all other taxes, unless otherwise provided herein at the full rate as provided under existing laws. They shall be exempt from the payment of documentary stamp tax, residence taxes, tax on banks and insurance companies and municipal or city taxes. Any justice of the peace, in his capacity as notary public ex officio, shall render service, free of charge, to any person or group of persons requiring either the administration of oath or the acknowledgment of articles of incorporation of a proposed co-operative and instruments of loan from a co-operative not exceeding two thousand pesos. Any register of deeds shall accept for registration, free of charge, any instrument relative to a loan made under this Act which does not exceed two thousand pesos or the deeds of title to any property acquired by the co-operative or any paper or document drawn in connection with any action brought by the co-operative or with any court judgment rendered in its favor or any instrument relative to a bond of any accountable officer of a cooperative for the faithful performance of his duties and obligations. They shall be exempt from the payment of all court and sheriff's fees payable to the Philippine Government for and in connection with all actions brought under this Act, or to enforce the payment of obligations contracted in favor of the co-operative, and where such an action is brought by the Administrator before the court, he shall, likewise, not be required to pay any such fees. They shall be exempt from putting up a bond for bringing an appeal against the decision of an inferior court or for seeking to set aside any third party claim, provided, that a certification of the Administrator showing that the net assets of the co-operative are in excess of the amount of the bond required by the court in similar cases shall be accepted by the court as a sufficient bond. Any security issued by co-operatives shall be exempt from the provisions of the Securities Act provided such security shall not be speculative.