Category Archives: Corporate and Investments

Implementation of Higher Cap (P82,000) for Tax-Exempt Bonuses and Other Benefits

39 Replies | Related posts at the bottom of article

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 computation of the gross income of the recipients of such benefits, and thus, such amounts are exempt from income tax. To implement RA 10653, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 3-2015. Here’s a briefer of RR 3-2015. Continue reading →

Mining in the Philippines, Foreign Investments and the Grandfather Rule

Leave a reply | Related posts at the bottom of article

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 law of the land — for Filipinos. Sec. 2, Art. XII of the Constitution, which provides that the exploration, development, and utilization of of natural resources is reserved to Filipinos, whether natural persons or juridical persons. Filipino juridical persons refer to “corporations or associations at least sixty per centrum of whose capital is owned by such citizens.” Continue reading →

Rules on Principal Office Address of Corporations and Partnerships

4 Replies | Related posts at the bottom of article

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 are summarizing the requirements below, culled from SEC Memorandum Circular No. 6 (series of 2014; full text) and SEC Memorandum Circular No. 16 (series of 2014; full text). Continue reading →

Principal Office Address of Corporations and Partnerships (SEC Memorandum Circular No. 16; full text)

Leave a reply | Related posts at the bottom of article

[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 Continue reading →

Amendment of the Principal Office Address (SEC Memorandum Circular No. 6; full text)

1 Reply | Related posts at the bottom of article

[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 OFFICE ADDRESS Continue reading →

New Law Increasing the Exemption for 13th Month Pay and Other Benefits (Republic Act 10653)

4 Replies | Related posts at the bottom of article

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

Continue reading →

Primer on the Anti-Red Tape Act of 2007 (RA 9485)

3 Replies | Related posts at the bottom of article

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 by Reducing Bureaucratic Red Tape, Preventing Graft and Corruption, and Providing Penalties Therefor“. Continue reading →

Renewable Energy (RE) and RE Service Contracts

6 Replies | Related posts at the bottom of article

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 to promote and encourage the utilization of renewable energy resources and to accelerate the exploration and development of renewable energy (RE) resources, the Congress of the Philippines passed Renewable Energy act of 2008 (Republic Act No. 9513) on 16 December 2008. Continue reading →

FAQ on 13th Month Pay

59 Replies | Related posts at the bottom of article

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). Continue reading →

Holiday Economics in the Philippines