REVENUE MEMORANDUM CIRCULAR NO. 67-2020 issued on July 2, 2020 circularizes Republic Act (RA) No. 11439, entitled “An Act Providing for the Regulation and Organization of Islamic Banks”.

The Government shall endeavor to achieve neutral tax treatment between Islamic banking transactions and equivalent conventional banking transactions within the provisions of the National Internal Revenue Code of 1997 (RA No. 8424), as amended.