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NEW AND NEEDED AMENDMENTS TO BANK SECRECY LAW

By Euney Marie Mata-Perez on June 10, 2021 In a July 16, 2020 article, I mentioned that relaxing our bank secrecy rule was key to financial integrity. At that time, we had been touted as one of two countries (the other being Lebanon) with the strictest bank secrecy rules. (https://www.manilatimes.net/2020/07/16/business/columnists-business/amending-the-bank-secrecy-act-as-a-key-to-financial-integrity/742400) Since...

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ONE LAST LOOK AT SURTAX

By Mark Anthony Tamayo on June 3, 2021 A positive change brought about by Republic Act (RA) 11534 (Create Act) was the repeal of Section 29 of the National Internal Revenue Code of 1997 relating to the imposition of a 10 percent improperly accumulated earning tax (IAET) or surtax. Based on...

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PUSHING FOR A TAXPAYERS’ CHARTER

By Euney Marie Mata-Perez on May 27, 2021 We need a charter, which the Philippines has yet to adopt, to protect taxpayers against threats to their rights. In 2019, then Senator Ralph Recto filed Senate Bill (SB) 1163, a proposed act ordaining a Bill of Rights for Taxpayers. In his explanatory...

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TAXATION OF PROPRIETARY EDUCATIONAL INSTITUTIONS

By Euney Marie Mata-Perez on May 20, 2021 THERE is now confusion as to the taxation of educational institutions which are proprietary, stock or for profit. Aside from decreasing the regular corporate income tax to 25 percent or 20 percent in certain cases, the Corporate Recovery and Tax Incentives...

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VAT EXEMPT THRESHOLD ON SALE OF REAL PROPERTIES

By Euney Marie Mata-Perez on May 13, 2021 Since President Rodrigo Duterte vetoed certain provisions of the Corporate Recovery and Tax Incentives for Enterprises (Create) or Republic Act (RA) No. 11534, including the proposed increase of the value-added tax (VAT) exemption threshold on sale of...

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MAKING WORK-FROM-HOME WORK

By Gerardo Maximo Francisco on May 6, 2021 Where feasible, employers are mandated to implement work-from-home (WFH) arrangements to help prevent and control the spread of the coronavirus disease 2019 (Covid-19) (Department of Trade and Industry and Department of Labor and Employment Interim Guidelines...

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STOCKHOLDER SUITS

By: Ellaine Anne Bernardino on April 29, 2021 Stockholders of a corporation may file legal suits based on the unlawful or fraudulent acts of the board of directors, corporate officers or even third persons. Depending on the situation, there are three classes of suits available to a stockholder...

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FIDUCIARY DUTIES OF DIRECTORS

By: Reina G. Fabregas on April 22, 2021 The Revised Corporation Code (RCC) vests in the board of Directors the exercise of all corporate powers, except as otherwise provided by law. As such, the position of a director in a corporation is highly imbued with trust and confidence. In Prime White...

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APPLICATION OF TAX TREATIES

By: Zoe Bryce Amac on April 15, 2021 Tax conventions or treaties are mechanisms imposed by a state in order to minimize the effects of double taxation. They provide double taxation reliefs to taxpayers in the form of tax exemptions or preferential tax rates. Tax treaties are part of the law...

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