There is a new cap for the exemption of bonuses and other benefits, from the former amount of P30,000. Under Republic Act (RA) No.10653, signed into law in 2015, gross benefits received by officials and employees of public and private entities up to a maximum amount of Eighty Two Thousand Pesos (P82,000) are excluded from the […]
Archive for the 'Corporate and Investments' Category
How much foreign ownership is allowed for mining companies in the Philippines? The Supreme Court again discussed this issue in a recent ruling denying a motion for reconsideration filed by certain mining companies in the Philippines. The controversy is anchored on the requirement that mining, among other activities, is reserved by the Constitution — the highest […]
The Securities and Exchange Commission (SEC) has extended the compliance period — until 30 June 2015 (per Memorandum Circular No. 1, series of 2015) — for companies and partnerships to comply with the required designation of the principal office address. We believe that it’s helpful to disseminate the information to non-clients as well, so we […]
Principal Office Address of Corporations and Partnerships (SEC Memorandum Circular No. 16; full text)Published by jlp March 2nd, 2015 in Cooperatives and Corporate and Investments. 0 Comments
[See also SEC Rules on Principal Offic Address; and Memorandum Circular No. 6, series of 2014] Republic of the Philippines Department of Finance Securities and Exchange Commission SEC Building, EDSA, Greenhills, Mandaluyong City MEMORANDUM CIRCULAR No. 16 Series of 2014. TO : ALL CONCERNED SUBJECT : PRINCIPAL OFFICE ADDRESS OF CORPORATIONS AND PARTNERSHIPS
[See also Rules on Principal Offic Address; and SEC Memorandum Circular No. 16, series of 2014] Republic of the Philippines Department of Finance Securities and Exchange Commission SEC Building, EDSA, Greenhills, Mandaluyong City Company Registration and Monitoring Department MEMORANDUM CIRCULAR No. 6 Series of 2014. TO : ALL CONCERNED SUBJECT : AMENDMENT OF THE PRINCIPAL […]
Republic of the Philippines Congress of the Philippines Metro Manila REPUBLIC ACT NO. 10653 AN ACT ADJUSTING THE 13TH MONTH PAY AND OTHER BENEFITS CEILING EXCLUDED FROM THE COMPUTATION OF GROSS INCOME FOR PURPOSES OF INCOME TAXATION, AMENDING FOR THE PURPOSE SECTION 32(B), CHAPTER VI OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
Is there a law that deals with red tape? Yes. In addition to laws that deals with red tape, Congress enacted Republic Act (R.A.) No. 9485, also known as the “Anti-Red Tape Act of 2007“. If you want the longer title, it’s “An Act to Improve Efficiency in the Delivery of Government Service to the Public […]
While the topic on Renewable Energy (RE) is understandably greek and unappealing to many, it is of great interest to some, as gauged from the number of queries we’ve received. So we are posting this basic Q&A, part of the literature and opinions that we’ve prepared for clients involved in Renewable Energy. In an effort […]
What is 13th month pay? It is a form of monetary assistance equivalent to the monthly basic compensation received by an employee, computed pro-rata according to the number of months within a year that an employee has rendered service to an employer (basic monthly pay/12 x number of months actually worked).
We celebrate holidays to commemorate an event or a person of special significance to the country. While the declaration of holidays is supposed to bring unity, it sometimes results to confusion in the workplace, even if unintended.