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By Ellaine Anne Bernardino on June 17, 2021 As a general rule, the Bureau of Internal Revenue (BIR) has three years from the last day prescribed by law for the filing of the tax return or from the day the tax return was filed, whichever is later, to assess internal...

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)...

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.

By Euney Marie Mata-Perez on May 27, 2021. We need a charter, which the Philippine 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.

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 for...

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 real property under Section 109(P)...

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 on Workplace Prevention and Control of...

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 as a...

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.