Corporate Services

The DICT as Indirect Regulator

The DICT as Indirect Regulator

A Look into the Department’s Potential for Impact on Telecommunications, Government Procurement and Coordination Among Agencies On May 20, 2016, Republic Act No. 1084, otherwise known as the “Department of lnformation and Communications Technology Act of 2015”, was signed into law. The Act’s Implementing Rules and Regulations have since been released as of October 15, 2016. Composed of administrative agencies formerly under the Department of Transportation and Communications (DOTC) and the Department of Science and Technology (DOST), and which will remain autonomous, the DICT has several roles to play, among which are to ensure an increase in cyber security and monitor […]

Paperless Taxes: An Introduction to the eFPS

Paperless Taxes: An Introduction to the eFPS

The Electronic Filing and Payment System (eFPS) is “a system developed and maintained by the Bureau of Internal Revenue (BIR) for electronically filing tax returns, including attachments, if any, and paying taxes due thereon, specifically through the internet.”[1] With the eFPS, taxpayers can prepare a paperless tax return and can pay online through an internet-banking service via debit facility from their enrolled bank account.[2] Since eFPS is available online, taxpayers can file and pay for their taxes anytime and anywhere with an internet connection.[3] This system was first introduced by the BIR through Revenue Regulation (RR) 09-2001 issued on Aug. […]

E-Payment and Collection in the Philippines: A Primer

E-Payment and Collection in the Philippines: A Primer

In line with the Government’s thrust to provide a more efficient payment and collection service for government transactions, the E-Commerce Act of 2000 encouraged government entities to provide a platform for the acceptance of electronic payments. Thus, the Department of Trade and Industry (DTI) and the Department of Finance (DOF) issued a Joint Department Administrative Order[1] to provide for guidelines on the implementation of an Electronic Payment and Collection System (EPCS) for the payment of fees, charges, assessments and other revenues due to the government. The latest DTI-DOF Order No. 10-01, lays down specific guidelines on the use of access […]

RA 10644: The Go Negosyo Act

RA 10644: The Go Negosyo Act

On 15 July 2014, President Benigno S. Aquino III signed into law Republic Act No. 10644, otherwise known as the Go Negosyo Act. The law was principally authored by the President’s cousin, Senator Paolo Benigno “Bam” Aquino IV. In its Declaration of Policy, we find that the law was enacted to strengthen Micro, Small and Medium sized Enterprises (“MSME”) in order to “facilitate local job creation, production and trade in the country” by establishing Negosyo Centers in every province city and municipality. These centers will act as a one-stop-shop for registration, promotion, coordination and partnerships with MSME’s. They shall provide […]

Revival of the Grandfather Rule?

Revival of the Grandfather Rule?

SEC Opinion Update In a surprising opinion, the General Counsel of the Securities and Exchange Commission held that the grandfather rule should be used in determining the nationality of a corporation engaged in a partly nationalized activity instead of the traditionally used control test. As stated in SEC-OGC Opinion No. 10-31 (December 9, 2010), Medusa Mining Ltd (MML) is an investor in a joint venture that is the holder of a mineral production sharing agreement. It is in partnership with PHILSAGA Mining Corp. (PHILSAGA), apparently a Filipino corporation. MML, a 100% foreign corporation, owns 40 % of the joint venture, […]

BIR Expands Electronic Filing Coverage

BIR Expands Electronic Filing Coverage

Update Under Revenue Regulation No. 1-2010, the taxing authority expands the scope of taxpayers required to file returns and pay taxes through the Electronic Filing and Payment System (EFPS). For full text of the issuance, click here. Read more about the Corporate Services practice at Disini & Disini Law Office Read more about the Technology and Telecommunications practice at Disini & Disini Law Office

Read more about the Corporate Services practice at Disini & Disini Law Office