abolawfirm, Author at ABO LAW FIRM

ABO LAW FIRM

A SHORT GUIDE ON ONE PERSON CORPORATIONS IN THE PHILIPPINES UNDER THE REVISED CORPORATION CODE OF THE PHILIPPINES

On 23 February 2019 Republic Act (RA) 11232 or the Revised Corporation Code of the Philippines became effective and amended a significant portion of Batas Pambansa (BP) 68 the old corporation code. One of the most significant amendment that RA 11232 brought is the allowance of a one-person corporation. Previously, to start a corporation you must have at least five (5) stockholders making it difficult for a person who wants to chart on his own to start a corporation. However, because of this amendment, people have another option other than single proprietorship…

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THE INTERNET TRANSACTIONS BILL: Salient Provisions Of The House Bill 6122

On 30 January 2020 Representative Wes Gatchalian submitted House Bill 6122 or the Internet Transactions Act. With the rapid growth of internet transactions in the Philippines, many Filipinos are now selling their wares and services online through different internet platforms available in the country. Thus, it is important that a law be passed regulating these sales for the protection of the parties involved and the public in general. When the COVID-19 pandemic hit, many realized, including lawmakers, that internet sales and transactions are becoming more of a necessity due to convenience and…

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CREATE BILL : CORPORATE RECOVERY AND TAX INCENTIVES FOR ENTERPRISES ACT AND ITS SALIENT POINTS

On September 2019 the house approved on the third and final reading the Corporate Income Tax and Incentives Rationalization Act (CITIRA). However, due to the COVID-19 pandemic and contraction 0.2 percent of the Philippine economy for the first quarter,  the house of representatives has seen it fit to recalibrate the said bill to make it a big stimulus package to help businesses recover. Currently, many calls were made, especially the business sector to urgently pass the bill to fast-track the recovery of businesses and the economy. CORPORATE INCOME TAX UNDER CREATE BILL…

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HB 6623: The Proposed New Normal for the Workplace and Public Spaces Act of 2020 and its Guidelines Affecting Different Businesses and Industries

On 27 April 2020, Rep. Alan Peter S. Cayetano and other representatives in the lower house of congress submitted House Bill (HB) 6623 or the proposed New Normal for the Workplace and Public Spaces Act of 2020. This Bill was passed in order to guide the public and businesses in their conduct after community quarantine to fight the spread of COVID-19 has been lifted. Without a working vaccine, it is imperative that people and businesses follow “new normal rules” in order for the country to avoid relapse in its fight against COVID-19.…

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THE PROPOSED CORPORATE INCOME TAX AND INCENTIVES RATIONALIZATION ACT (CITIRA)

Last September 2019, the House of Representatives on the third and final reading voted in favor of House Bill (HB) 4157 or CORPORATE INCOME TAX AND INCENTIVES RATIONALIZATION (CITIRA) which will amend certain provisions of the National Internal Revenue Code (NIRC) of 1997. On March 9, 2020, President Rodrigo Duterte certified as urgent Senate Bill 1357 which is the upper house’s version of the bill. However, further bicameral deliberations on the matter have suddenly stopped due to the COVID-19 pandemic that saw restrictions and lockdowns on the Philippine capital and provinces. Now,…

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SALIENT POINTS OF HOUSE BILL NO. 6622: THE PHILIPPINE BANKING INDUSTRY RESILIENCY AGAINST COVID-19 PANDEMIC ACT

On May 11, 2020 the National Economic and Development Authority (NEDA) through Acting Socioeconomic Planning Secretary Karl Kendrick Chua revealed that House Bill No. 6622 (HB6622) or “The Philippine Banking Industry Resiliency Against COVID-19 Pandemic Act” is likely to be certified as urgent by President Rodrigo Duterte. The Bill authored by Representative Junie Cua will encourage financial institutions to sell their non-performing assets (NPAs) to Financial Institution Strategic Transfer Corporations (FISTSCs), and grants tax exemptions and reduced registration and transfer fees to certain transactions. One of the major reason for the probable…

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GENERAL COMMUNITY QUARANTINE (GCQ): THE GUIDELINES FOR BUSINESSES OPERATIONS IN AREAS UNDER GCQ

As the outbreak of COVID-19 pandemic is being controlled by lockdowns during the Enhanced Community Quarantine (ECQ), Philippine cities and provinces are starting to ease restrictions. The next phase after the ECQ is the General Community Quarantine (GCQ) wherein more businesses are allowed to open and public transportation is allowed to return, albeit, at a reduced capacity. The GCQ phase, according to the government may last months to ensure that the second wave of the pandemic, if it comes, will not devastate the country again. In Metro Manila, the capital of the…

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GOVERNMENT PLANS AND RESPONSES TO BOLSTER THE ECONOMY DURING AND AFTER THE LOCKDOWN CAUSED BY THE COVID-19 PANDEMIC

The lockdown of the capital Metro Manila and other provinces due to the COVID-19 pandemic has put a damper on the fast rising economy of the Philippines. For the first time in a long-time, the Philippines is looking at a contraction of its economy possibly resulting in many micro, small, and medium enterprises (MSMEs) and also big business like airline companies filing for bankruptcies. The Philippine government has already introduced programs to cushion the economic impact of the pandemic like the Php50.8 billion peso small business wage subsidy program for displaced workers…

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BANGKO SENTRAL MOVES TO HELP PHILIPPINE ECONOMY AMID THE COVID-19 PANDEMIC AND THE ENHANCED COMMUNITY QUARANTINE

On March 17, 2020, in order to slow the spread of COVID-19 in the Philippines, President Rodrigo Duterte ordered the whole island of Luzon, including Metro Manila, to be under Enhanced Community Quarantine (ECQ). However, the toll on the economy and businesses due governmental response measures has been getting heavier by the day. To help keep the economy afloat during the pandemic and its aftermath, the Bangko Sentral has been several key moves. Here are some these, so far: Effective April 3, 2020 the Bangko Sentral reduced the reserve requirement (RR) ratio…

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