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ENACTMENT OF FIST ACT FOR FINANCIAL HEALTH

By Euney Marie Mata-Perez on March 25, 2021. On Feb.y 16, 2021, President Rodrigo Duterte signed into law Republic Act (RA) 11523, or the “Financial Institutions Strategic Transfer Act” (FIST), which seeks to aid banks and other credit-granting financial institutions (FIs) to cushion the impact...

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CORPORATE ASSETS AND THE TRUST FUND DOCTRINE

By The Manila Times on March 18, 2021. The recently enacted Revised Corporation Code of the Philippines (RCCP) was meant to further ease doing business in the country and increase its competitiveness. But because of the significant economic downturns brought about by the Covid-19 pandemic, several...

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RULES ON ABANDONING IMPORTED GOODS

By MARK ANTHONY TAMAYO on March 4, 2021. The process of clearing imported goods from the Bureau of Customs (BoC) is essentially timebound. Every importer must file or lodge a goods declaration, pay the corresponding duties and taxes, and claim or release the goods within the periods prescribed...

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THE BIR’S POWER TO ASSESS

By Zoe Bryce Amac on February 25, 2021. The power of taxation is one of the inherent powers of the State and is considered an attribute of sovereignty. Its existence is justified by the so-called lifeblood theory. In Commissioner of Internal Revenue (CIR) v. Algue (GR L-28896, 1988) the Supreme...

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REVISITING RULES ON WARRANT ON DISTRAINT AND/OR LEVY

By AZIZA HANNAH BACAY on February 11, 2021. The Bureau of Internal Revenue (BIR) has the power to enforce the collection of unpaid taxes either through summary administrative remedies, such as the issuance of a warrant of distraint and/or levy (WDL), or judicial ones, such as filing a civil or...

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NATIONALITY OF CORPORATIONS

By: Atty. Nica Gasapo on February 4,2021. The 1987 Philippine Constitution has set forth requirements a corporation must meet before involving itself in certain activities. Depending on its nationality, a corporation may or may not undertake specific business ventures or invest in certain...

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