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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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BAYANIHAN 2 LAW: BUSINESS ASPECTS

On 11 September 2020, President Rodrigo Roa Duterte signed into law the Recover as One Act (RA No. 11494), also known as "Bayanihan 2 Law". The Bayanihan 2 law aims to mitigate the adverse socioeconomic impact of the COVID-19 pandemic and accelerate the recovery of the health and economy of the country. Impacts of Bayanihan 2 Law: From the Business Point of view 1.Under the Bayanihan 2 law, mergers and acquisitions with transaction value below Fifty Billion pesos (P50,000,000,000.00) are now exempt from the notification requirement to the Philippine Competition Commission (PCC),…

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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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