REVENUE MEMORANDUM CIRCULAR NO. 93-2017 issued on November 7, 2017 circularizes the letter issued by the Microfinance Non-Government Organization (NGO) Regulatory Council in relation to the implementation of Revenue Regulations (RR) No. 3-2017 pertaining to the tax provisions of Republic Act (RA) No. 10693 (Microfinance NGOs Act), together with the updated List of Microfinance NGOs with Certificate of No Derogatory Information covering Fiscal Year 2016 issued by the Securities and Exchange Commission (SEC).

     Section 5 of RR No. 3-2017 provides that Microfinance NGOs which have been certified by the SEC to have no derogatory information and are deemed accredited in accordance with Section 2, Rule 11 of the Implementing Rules and Regulations (IRR), as Microfinance NGOs for a period of one (1) year from the effectivity of RA No. 10693, unless sooner revoked, shall be entitled to avail of the 2% tax gross receipt tax on its income from microfinance operations.

     Section 7 of RR 3-2017 also provides that duly registered and accredited Microfinance NGOs including those deemed accredited under Section 2, Rule 11 of the IRR, must update their registration with their concerned Revenue District Offices to reflect their accreditation as Microfinance NGOs.