The Bangko Sentral ng Pilipinas (BSP) has approved Circular No. 1070 on the Shari’ah Governance Framework (SG) for Islamic Banks (IBs) or Islamic banking units (IBUs). The SGF was issued following the passage of Republic Act No. 11439 or the Islamic Banking Act and the Guidelines on the Establishment of IBs and IBUs. The BSP…
The Bangko Sentral ng Pilipinas (BSP) has approved Circular No. 1139 on the Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements. This is a major leap forward for Islamic Finance in the Philippines as Islamic Banks (IBs) and Islamic banking units (IBUs) that are yet to be established now have regulatory guidance on the segregation,…
Do you sometimes find yourself asking, “Do I need a lawyer for this?” There are a number of remedies available to you, wherein you may not need a lawyer to represent you in the beginning or throughout the proceedings, or you might even be prohibited from having a lawyer present. In TV advertisements of non-prescription…
One of the innovations introduced by Republic Act No. 11232, otherwise known as the “Revised Corporation Code of the Philippines” (RCC) is the One Person Corporation (OPC). OPCs offer many advantages for small and medium enterprises (SMEs) in terms of limitations on liability and taxation benefits, among others. The benefit of limiting the business owner’s…
Reduction of Corporate Income Taxes Republic Act No. 11534, otherwise known as the “Corporate Recovery and Tax Incentives for Enterprises” (CREATE) Act is the second package of the Comprehensive Tax Reform Program that reduces corporate Income tax rates. The CREATE Act also provides other tax relief measures that will help businesses, particularly those organized as…
February 20, 2019 REPUBLIC ACT NO. 11232 AN ACT PROVIDING FOR THE REVISED CORPORATION CODE OF THE PHILIPPINES TITLE I General Provisions Definitions and Classifications SECTION 1. Title of the Code. — This Code shall be known as the “Revised Corporation Code of the Philippines.” SECTION 2. Corporation Defined. — A corporation is an artificial being created by operation of law,…
February 14, 2019 REPUBLIC ACT NO. 11213 AN ACT ENHANCING REVENUE ADMINISTRATION AND COLLECTION BY GRANTING AN AMNESTY ON ALL UNPAID INTERNAL REVENUE TAXES IMPOSED BY THE NATIONAL GOVERNMENT FOR TAXABLE YEAR 2017 AND PRIOR YEARS WITH RESPECT TO ESTATE TAX, OTHER INTERNAL REVENUE TAXES, AND TAX ON DELINQUENCIES TITLE I Preliminary Provisions SECTION 1. Short Title….
February 8, 2019 REPUBLIC ACT NO. 11202 AN ACT REQUIRING MOBILE SERVICE PROVIDERS TO PROVIDE NATIONWIDE MOBILE NUMBER PORTABILITY TO SUBSCRIBERS SECTION 1. Short Title. — This Act shall be known as the “Mobile Number Portability Act.” SECTION 2. Declaration of Policy. — It is the declared policy of the State to recognize the primary role of the…
December 20, 2018 REPUBLIC ACT NO. 11165 AN ACT INSTITUTIONALIZING TELECOMMUTING AS AN ALTERNATIVE WORK ARRANGEMENT FOR EMPLOYEES IN THE PRIVATE SECTOR SECTION 1. Short Title. — This Act shall be known as the “Telecommuting Act.” SECTION 2. Declaration of Policy. — It is hereby declared the policy of the State to affirm labor as a primary social…
1. Work / Employment Requirements A foreigner who comes to the Philippines to work must obtain a work visa from the relevant government agency, primarily, the Bureau of Immigration (BI), as well as an alien employment permit (AEP) from the Department of Labor and Employment (DOLE). The visa and AEP applications must be filed by…
The Department of Trade and Industry issued Department Administrative Order (DAO) No. 16-03 or the “Implementing Rules and Regulations of Republic Act No. 10909, “An Act Prohibiting Business Establishments from giving Insufficient or No Change to Consumers and Providing Penalties Therefor” last December 21, 2016. The DAO is aimed at protecting the consumers against deceptive,…