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RMC No. 98-2019

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REVENUE MEMORANDUM CIRCULAR NO. 98-2019 issued on September 12, 2019 publishes the full text of Republic Act (RA) No. 11439 entitled “An Act Providing for the Regulation and Organization of Islamic Banks”.

The Bangko Sentral shall exercise regulatory powers and supervision over the operations of Islamic banks. It shall issue the implementing rules and regulations on Islamic banking.

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.

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