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 of the coronavirus disease 2019...
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 companies and institutions have...
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 under customs...
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...
By: Atty. Euney Marie Mata-Perez on February 18, 2021. As many of us may be aware by now, the recently ratified Corporate Recovery and Tax Incentives for Enterprises (Create) bill, which now awaits President Rodrigo Duterte’s approval, proposes to reduce the regular corporate income tax (RCIT) rate from 30 percent...
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...
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 areas. Indeed, the 1987 Constitution was crafted to...
By: Atty. Euney Marie Mata-Perez on January 28,2021. To claim a refund for an erroneously or illegally collected tax, Section 229 of the National Internal Revenue Code, as amended (Tax Code), provides that the claimant must first file an administrative claim with the commissioner of Internal Revenue (CIR). This claim...
By: Atty. Ellaine Anne L. Bernardino on January 21,2021. The stockholder’s right to examine corporate records is based on his or her interests in the corporation and ownership of corporate property. Under Section 73 of Republic Act 11232, or the Revised Corporation Code (RCC), which took effect on Feb. 23, 2019,...
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