REVENUE MEMORANDUM CIRCULAR NO. 108-2024 issued on September 18, 2024 clarifies the taxability of Microinsurance Mutual Benefit Associations (Mi-MBAs) in respect to income received by them.

Mi-MBAs, as long as they are registered and actually operate as such pursuant to the provisions of Revenue Memorandum Order No. 38-2019, and secure a valid Certificate of Tax Exemption from the Bureau of Internal Revenue, shall not be taxed under Title Il of the Tax Code of 1997, as amended, on the income received by them as such.