best law firms in the philippines | law firms in makati

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...

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...

By: Aziza Hannah A. 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...

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...

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...

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...

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...

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...

By: Euney Marie J. Mata-Perez on August 23, 2018 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...