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PROPOSED AMENDMENTS TO THE PUBLIC SERVICE ACT OF 1936

By: Kathlene Guiang on September 12,2019 Under the 1987 Philippine Constitution, the grant of franchise, certificate, or any other form of authorization for the operation of a public utility is limited to Filipino citizens and to entities at least 60 percent of whose capital is owned and controlled...

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LIABILITIES OF CORPORATIONS VESTED WITH PUBLIC INTEREST

By: Euney Marie J. Mata-Perez on September 5,2019 With the passage of the Revised Corporation Code (RCC), it is now important for corporations to determine whether or not they qualify as “corporations vested with public interest”. If they so qualify, they will be subject to following additional obligations...

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UNDERSTANDING THE FUEL MARKING PROGRAM

By: Mark Anthony P. Tamayo on August 29, 2019 Under Republic Act 10963, or the Tax Reform for Acceleration and Inclusion Act (Train), the excise tax rates (which went up from last year’s rates) on diesel, bunker fuel and gasoline will further increase in 2020. A likely consequence of an excise tax...

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CTRP PACKAGE 2+ AND THE PENDING MINING TAX BILLS

By: Euney Marie J. Mata-Perez on August 22,2019 With the passage of Republic Act 11346, which increases the excise tax on tobacco products to P45 per pack by 2020 from the current P35, Congress is quickly working on the passage of the other bills comprising the so-called Package 2+ of the Comprehensive...

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NEW SEC NAME GUIDELINES

By: Nica Marsha Gasapo on August 8,2019 The Securities and Exchange Commission (SEC) issued the Amended Guidelines and Procedures on the Use of Corporate and Partnership Names (Amended Guidelines) through SEC Memorandum Circular (MC) 13, Series of 2019. The amended guidelines introduce amendments...

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THE BUSINESS OF VAT

By: Euney Marie J. Mata-Perez on August 1, 2019 There is a specific rationale behind the imposition of value-added tax (VAT). VAT was not intended to be imposed on every transaction or transfer. Its imposition must bear some relevance to the taxpayer’s role or link in the production chain. While...

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INPUT VAT AS INCOME TAX DEDUCTIONS

By: Euney Marie J. Mata-Perez on July 18, 2019 Editor’s note: An earlier version of this article cited the wrong case number for Commissioner of Internal Revenue vs. Maersk Global Service Centres (Philippines), Ltd. The correct case number should be CTA EB Case No. 1786 and not 1789 as previously stated. See...

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