This book is a bit old due to the long time I put it in the Cabinet. But even though the book is old, it is still a great help when it comes to discussing the law of our country. These are just a few of the topics written in this book, and some of them are about Taxes, Banks, Agriculture, Allocation and distribution, Responsibilities and rights as well as cooperative privileges. It also states about Insurance from the cooperative for its clients or members.
I will share the short reviews about the topics I stated here in my article:
Rules About Taxes:
Tax is the most important in all countries. This serves as the backbone and foundation so that the country remains stable and has a strong foundation that leads to a prosperous country. There are some laws about this in tax matters such as tax must be paid in a timely manner that does not exceed the due date. There is a law about improper payment of tax and one of its laws is the assumption of small interest. There are two parts of tax here in our country, Income Tax and Value Added tax which are usually placed on the price of goods. The income tax is placed on the amount allocated from the capital or invested Money.
Banks and Agriculture Laws:
For the law about banking and agriculture, these two sections are connected, especially when it comes to the matter of Capital or money that farmers will borrow for their investment in their farmland such as the purchase of fertilizers, payment for the use of tracts , seedlings and other items related to agriculture. There are banks now that help farmers such as lending money and in the written law there is a small interest to be placed. There is a registration that takes place before becoming a member and this Section covers Infrastructure, leasing of public land, privileges and rights of members and the cooperative itself.
Capital, Property And Funds:
This book also states the eligibility for Capital, Property and funds of the agency or cooperative. The Cooperative lends Capital to its constituents or members for several reasons: Business and Agriculture. Capital is the most important thing when you want to build a business such as a store and so on. There are also people who want to invest in Cooperatives that invest, and when there are people who invest, it is the responsibility of the Cooperative to take care of the money invested in them. They will take care and make interest depending on the size of the investment, the interest is adjusted to the investment of each member.
Transparency and Auditing:
It is also the right of every member to know all the transactions of the cooperative especially when it comes to the money they have invested. This is good for transparency so that everyone knows where the money was spent or used and whether there is a profit that can be returned to it for the members. This is better so that other members will not be disappointed and their trust in the cooperative will remain. This includes the auditing report, examination rights and safety of records that all the investment does not go to waste.
It is very important to know some of the rules, laws and regulations about it. It will become very useful in the right time.
It's commendable that you take an interest in studying these laws, as they play a vital role in shaping the economic landscape of the Philippines.
Yes, I really love reading it. Many ideas I can get that can be use for the future. 😊