FIST Bill: Financial Institutions Strategic Transfer Bill or House Bill 6816

Earlier this year, FIST Bill or the Financial Institutions Strategic Transfer (FIST) Act proposed as House Bill (HB) No. 6816, seeks to ensure that banks and financial institutions (FIs) are able to maintain their financial health to cushion the adverse economic impact of COVID-19. The new measure provides the necessary options in order to expedite and provide the rehabilitation of distressed companies.  The State recognizes the role of banks and other financial institutions as mobilizers of savings and investments and in providing the needed financial system liquidity to keep the economy afloat.…

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DETA ACT: The Digital Economy Taxation Act of 2020 – House Bill 6765

On 19 May 2020, House Bill (HB) No. 6765 or the Digital Economy Taxation Act of 2020 (DETA ACT) was filed in Congress, seeking the enactment of a law entitled “an Act Establishing a Fiscal Regime for the Digital Economy The Covid19 Pandemic affected every Filipinos as the Government placed different regions in various lockdown measures to curb the spread of the virus. It must be noted that the Philippines imposed not just the strictest lockdown restrictions in the Asia-pacific region but the entire world. However, during this period, several businesses have…

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The Proposed Corporate Recovery and Tax Incentives for Enterprises Act

Love in the Time of CholeraGabriel Garcia Marquez TAX INCENTIVES AND MEASURES IN THE TIME OF PANDEMIC The Government of the Philippines has always tried to find ways to improve its corporate tax system and to progress more effective and competitive tax incentives to encourage Filipinos to hone their entrepreneurship spirit and also to attract foreign investors. In February 2020, Congress, the legislative branch of the Government, proposed several tax measures to further the said purpose. One of the proposed tax measures is the Corporate Income Tax and Incentives Reform Act (CITIRA)…

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ISSUANCE OF PERMITS AND LICENSES UNDER THE “NEW NORMAL”

With the persistent spread of the coronavirus all over the world, it is crucial in the business sector to provide for means and procedures so that businesses can continue to operate amidst the pandemic. These measures and procedures will not only help achieve unhampered processes and operations but will also afford an efficient way to deliver services to the public while minimizing health risks.   Since we are currently functioning in unprecedented times and there is no clear answer as to when this pandemic will end, it is imperative to highlight the…

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