To date, our Tax Code doesn’t contain general anti-tax avoidance rules or general principles or rules to check potential tax avoidance in general.
The “Tax Reform for Acceleration of Better and High-quality Opportunities” or “TRABAHO Bill” attempts to address this by introducing amendments to Section 50 of our Tax Code.
By: Euney Marie Mata-Perez on August 16, 2018
The Senate finally approved on third reading Senate Bill 1280 (SB 1280) which, once passed into law, introduces major amendments to our existing Corporation Code (Batas Pambansa Blg. 68) passed 38 years ago in 1980.
It’s thus worth noting the significant amendments the Bill seeks to introduce.
By: Euney Marie J. Mata-Perez on August 9, 2018
As a general rule, corporate officers are not liable for a corporation’s liabilities because of the legal fiction that corporate entities have legal personality separate from the individuals that comprise it.
By: Euney Marie Mata-Perez on August 2, 2018
The current tax amnesty bill proposed by the Department of Finance (DOF) deals with an estate and a general tax amnesty (GTA) in separate parts, as well as with an unprecedented tax amnesty on delinquencies.
The first part of the proposed bill is the estate tax amnesty which requires the payment of a six percent estate tax amnesty tax (without interest and penalties) of the decedent’s undeclared estate valued at the time of death. It applies to estate taxes due for taxable year 2017 and prior years, similar to the estate tax amnesty originally proposed under House Bill No. 4814.
By: Bernadette E. Tamayo on July 29, 2018
TAXPAYERS would enjoy the benefits of the taxes being collected from them if the government would further broaden the tax base and collect more revenues for infrastructure and social services programs, a tax lawyer said on Saturday.