HOUSE BILL NO. 6135: THE PROPOSED FISCAL MINING REGIME BILL

One of the economic measures being fast-tracked by Congress is House Bill No. 6135 or the Fiscal Mining Regime Bill. The objective of the bill is to rationalize and institutionalize a fiscal regime applicable to all mineral agreements. This would enhance the government’s equitable share in the utilization of natural resources without compromising the mining sector’s need for a reasonable return on investment. Tax Implication of the Fiscal Mining Regime Bill The proposed bill seeks to amend Sections 34 and 151 of the National Internal Revenue Code, as amended. By the proposed…

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House Bill No. 7749 or the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery

Keeping MSMEs Afloat amidst the Pandemic On Tuesday, December 1, 2020, The House of Representatives passed House Bill 7749 or the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act. The Act focuses on recognizing the necessity of keeping Micro, Small, and Medium Enterprises (MSMEs for brevity)   afloat during this pandemic as these businesses play a strategic role in providing employment to the Filipino people and in supporting the Philippine economy. Thus, it is deemed essential that the State be able to provide the necessary access to credit…

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LABOR LAW UPDATES: SERVICE CHARGE LAW

On August 07, 2019 President Rodrigo Duterte has approved Republic Act 11360 entitled “AN ACT PROVIDING THAT SERVICE CHARGES COLLECTED BY HOTELS, RESTAURANTS AND OTHER SIMILAR ESTABLISHMENTS BE DISTRIBUTED IN FULL TO ALL COVERED EMPLOYEES AMENDING FOR THE PURPOSE PRESIDENTIAL DECREE NO. 442 AS AMENDED, OTHERWISE KNOWN AS THE “LABOR CODE OF THE PHILIPPINES” or as just the Service Charge Law. Previously, service charges collected by restaurants, hotels, and other similar establishments shall be distributed at the rate of eighty-five percent (85%) for all covered employees and fifteen percent (15%) for management.…

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PHILIPPINE OFF-SHORE GAMING OPERATIONS (POGO) AND THEIR TAXES

POGO In The Philippines The Philippine Offshore Gaming Operations (POGO) has been a major contributor to the Philippine economy since its entry to the country sometime in 2003. Since then, more and more foreign companies and entities are entering the Philippines to get a slice of the lucrative offshore gaming market. As the number of POGOs increase, regulating them has been a problem, thus, the Philippine government has tasked the Philippine Amusement and Gaming Corporation (PAGCOR) with the main responsibility of regulating and the registration of POGOs. There are also other regional…

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