By: Felson Dalaguete on September 27, 2018
The Commissioner of Internal Revenue (CIR) is empowered by law to audit the books of taxpayers. Such audits must be conducted by the CIR or his duly authorized officer.
The authority given to revenue officers should be set out in a duly-issued and valid Letter of Authority (LOA).
By: Euney Marie Mata-Perez on September 20, 2018
The Asia-Oceana Tax Consultants’ Association (AOTCA) International Tax Conference held in Ulaanbaatar, Mongolia just concluded on September 13, 2018.
Panels of international speakers from various jurisdictions spoke on the history, challenges, development and other aspects of tax avoidance and general anti-tax avoidance rules (GAARs) in their various jurisdictions.
By: Florian Salcedo on September 13, 2018
In keeping with the constitutional policy affirming labor as a primary social and economic force, the President has recently signed into law Republic Act (RA) 11058.
RA 11058, signed on August 17, 2018, intends to strengthen compliance by employers, in all private establishments and places where work is being undertaken in all branches of economic activity, with the occupational safety and health (OSH) standards set by the Secretary of Labor and Employment pursuant to the Labor Code of the Philippines.
By: Mark Anthony Tamayo on September 6, 2018
One of the main tasks of the Commissioner of the Bureau of Customs (BOC) is to exercise, directly or indirectly, any customs power, duties and functions for the effective implementation of the Customs Modernization and Tariff Act (CMTA) and other customs related laws.
The power includes the issuance of alert orders as a tool to deter smuggling.
An Alert order is an order issued by authorized BOC officers to examine, on the basis of derogatory information, identified shipments regarding their possible non-compliance with customs rules.
By: Euney Marie J. Mata-Perez on August 30. 2018
The Revised Corporation Code (RCC) proposed under Senate Bill No. 1280 continues to impose the duties of diligence, loyalty and obedience upon directors, trustees and officers of corporations.
Thus, it continues to uphold the rule that directors and officers can’t be held liable for corporate acts if they meet the standard of “due diligence” when making decisions.