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8box Solutions Inc.

4_20230710_150500_0001

Contact Number: 09369340340
Email: sales@8box.solutions

REVENUE MEMORANDUM CIRCULAR NO. 85-2020 issued on August 27, 2020 circularizes Republic Act (RA) No. 11321, entitled “An Act Instituting the Farmers and Fisherfolk Enterprise Development Program of the Department of Agriculture”.

Gifts and donations of real and personal properties to accredited farmers and fisherfolk enterprises shall be exempt from Donor’s Tax. The LGUs shall exempt structures, buildings, and warehouses utilized for the storage of farm inputs and outputs from real property tax: Provided, That the assessed value of the property does not exceed Three Million Pesos (₱ 3,000,000.00).

The Land Bank of the Philippines shall provide preferential rates and special window to accredited farmers and fisherfolk enterprises. Exemptions from Income Tax may be provided for income arising from the operations of the enterprise: Provided, That the farmer and the fisherfolk cooperatives and enterprises shall register as barangay micro-business enterprise pursuant to RA No. 9178 (Barangay Micro-Business Enterprises (BMBEs) Act of 2002).