Archive for the 'Corporate and Investments' Category

Primer on the Tax Amnesty Act of 2007 (RA 9480)

What is Republic Act No. 9480?
It is a law, referred to as the “Tax Amnesty Act of 2007,” passed by Congress granting amnesty to all unpaid internal revenue taxes imposed by the national government for the taxable year 2005 and prior years.
Until when can taxpayers avail of the benefits of this law?
The last day to [...]

RA 9184 or The Government Procurement Reform Act of 2003: Boon or Bane?

By: ACA Nimfa Cuesta Vilches*
The procurement (acquisition of goods, services and contracting for infrastructure project) law was enacted to lay down rules and regulations and to modernize, standardize, and regulate the procurement activities of the government. It is a response to the clamor of the citizenry to provide value for taxpayer money (P147.662 billion capital [...]

The Basic Elements of Contracts

If a contract brings you to court, it’s a poorly-prepared contract. The rationale for this statement is this - if the rights and obligations of the parties are clearly provided and defined, there’s a lesser chance of misinterpretation. This, of course, is not necessarily true. Even a carefully drafted contract, prepared by the big law [...]

Forms of Business: Sole Proprietorship, Partnership, Corporation

After deciding to start a business (and the particular business to pursue), one of the important issues is the form of business entity that will serve as the vehicle in pursuing the business. You may say that the next important issue is the source of funding, which is correct, but that issue will be discussed [...]

Basics of the Lending Company Regulation Act of 2007 (RA 9474)

On 22 May 2007, Republic Act No. 9474, also known as the “Lending Company Regulation Act of 2007,” was approved. The law is consistent with the delcared policy of the State to regulate the establishment of lending companies and to place their operation on a sound, efficient and stable condition to derive the optimum advantages [...]

The Truth in Lending Act explained

What is the “Truth in Lending Act”?
It is Republic Act No. 3765, which is an act requiring the disclosure of finance charges in connection with the extention of credit.
What is the policy behind the Truth in Lending Act?
The declared policy behind the law is to protect the people from lack of awareness of the true [...]

R.A. 9492 - holiday economics, movable holidays

Maybe you’ve heard of the new law (Republic Act No. 9492) that seeks to “rationalize” the celebration of national holidays in the Philippines. The new law makes majority of the holidays “movable” to Mondays. In the event the holiday falls on a Wednesday, the holiday will be observed on the Monday of the week. If [...]

Spouses Raymundo et. al. vs. Spouses Bandong (G.R. No. 171250, July 4, 2007) - Digest

Facts : Eulalia Raymundo (Eulalia) was engaged in the business of buying and selling large cattle for which she employed “biyaheros” whose task involved the procuring of large cattle with the financial capital provided by petitioner and delivering the procured cattle to her for further disposal. In order to secure the financial [...]