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Author Archive

By: Nica Marsha V. Gasapo on October 25, 2018

A worker and an employer enter into an employment contract to realize their respective interests—the worker, to make ends meet; the employer, to earn profits.

An employment contract, however, is a special contract because the State can step in to regulate its terms and conditions.

Article 1700 of the Civil Code of the Philippines provides that labor contracts are impressed with public interest and must yield to the common good.

By: Felson M. Dalaguete on October 18, 2018

A corporation that permits the accumulation of earnings and profits beyond the reasonable needs of the business is subject to the 10 percent Improperly Accumulated Earnings Tax (IAET).

If the accumulation is justified to be within the reasonable needs of the business, the IAET is not imposed.

The IAET thus effectively penalizes a corporation for the improper accumulation of its earnings instead of distributing it to its stockholders. If the earnings and profits were distributed, the shareholders would be liable to tax on dividends.

By: Elreen Joy O. De Guzman on October 11, 2018

Under Senate Bill (SB) No. 1280, the proposed Revised Corporation Code of the Philippines, a single natural person, trust, or estate can form a one-person corporation (OPC).

Unlike a sole proprietorship, an OPC will have a juridical personality separate from the individual stockholder.
The OPC concept exists in several jurisdictions, such as in the USA and UK, among others.

By: Aziza Hannah Bacay on October 4, 2018

A part of taxpayer’s due process rights under law is to be subject to a tax audit and assessment (for deficiency taxes) by the BIR only within certain defined periods, known as “prescriptive periods.”

If the BIR does not make a tax assessment within the prescriptive periods, the BIR will be forever barred from making such an assessment.

The legal prescriptive periods for the BIR to make an assessment are: (a) three years counted from the last day allowed by law to file the tax return or from the day the tax return was filed, whichever comes later, and (b) in case there is fraud, ten years from discovery of the fraud.

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).

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