REVENUE MEMORANDUM CIRCULAR NO. 48-2022 issued on April 20, 2022 revises the provisions on the submission of financial statements of cooperatives registered under the Cooperative Development Authority (CDA) as a requirement for the renewal of Certificate of Tax Exemption (CTE) of cooperatives.
                Pursuant to Revenue Memorandum Order No. 76-2010 (with the provisions under Section 232 of the National Internal Revenue Code of 1997, as amended by Section 71 of Republic Act No. 10963 or TRAIN Law), cooperatives registered under the CDA whose gross annual sales, earnings, receipts do not exceed the threshold of ₱ 3,000,000 shall not be required to submit a Financial Statement audited by an independent CPA when renewing its application for CTE.