RESEARCH
RESEARCH
TOPIC : SEC MEMORANDUM CIRCULAR NO. 3 SERIES OF 2021 Perocedure for filing of Annual Financial Statements, General Information Sheet and other covered reports
DATE OF ISSUANCE : 9 March 2021
The Securities and Exchange Commission (SEC) issued a Memorandum Circular topromulgate guidelines on the use of Online Submission Tool for the filing of the coveredreports to the Commission. Per the SEC Memorandum Circular,all stock corporations are required to enroll with the system beginning 15 March 2021 until 15 December 2021.
For other reports not covered by the issuance, scanned copies of the printed or hard copies of the report shall be filed in Portable Document Format (PDF) through email at [email protected].
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TOPIC : SEC MEMORANDUM CIRCULAR NO. 1 Series of 2021 Guidelines in preventing the misuse of corporations for illicit activities through measures designed to promote transparency of Beneficial Ownership
DATE OF ISSUANCE : 27 January 2021
The Securities and Exchange Commission issued Memorandum Circular No. 1 Series of 2021 mandating all nominee directors/ trustees and nominee shareholders to disclose their nominator/ principal/ persons on whose behalf one acts as director/trustee/ shareholder of a corporation.
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TOPIC : REPUBLIC ACT NO. 8556 The Financing Company Act of 1998
DATE OF ISSUANCE : 26 February 1998
Our answers to the most frequently asked questions regarding lending corporations in the Philippines.
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TOPIC : REPUBLIC ACT NO. 10142 Financial Rehabilitation and Insolvency Act of 2010
CASE TITLE : Metropolitan Bank & Trust Company V. Fortuna Paper Mill & Packaging Corporation
DATE DECIDED : 3 September 2019
For rehabilitation purposes, the law does not distinguish an entity that only foresees the possibility of default from another that has already defaulted in paying its obligations.
A company that has already failed to pay its debts may still be rehabilitated, subject to the requirement of submitting a feasible and viable rehabilitation plan with the requisite material financial commitment.
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TOPIC : REPUBLIC ACT NO. 11576 An Act Further Expanding the Jurisdiction of the Metropolitan Trial Courts, Municipal Trial Courts in Cities, Municipal Trial Courts, and Municipal Circuit Trial Courts, amending for the purpose Batas Pambansa Blg. 129, otherwise known as “The Judiciary Reorganization Act of 1980,” as amended.
DATE ISSUANCE : 30 July 2021
For rehabilitation purposes, the law does not distinguish an entity that only foresees the possibility of default from another that has already defaulted in paying its obligations.
A company that has already failed to pay its debts may still be rehabilitated, subject to the requirement of submitting a feasible and viable rehabilitation plan with the requisite material financial commitment.
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TOPIC : A.M. NO. 20-06-14-SC Guidelines in the Imposition of Community Service if as Penalty in Lieu of Imprisonment
EFFECTIVITY DATE : 6 October 2021
To promote restorative justice and jail decongestion in the country, the Supreme Court approved the guidelines in the imposition of community service as a penalty in lieu of imprisonment for offenses punishable by arresto menor and arresto mayor. These guidelines provide for the rules on how the courts should apply the provisions of Republic Act No. 11362, otherwise known as the Community Service Act, together with the accused’s existing remedies.
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TOPIC : A.M. NO. 20-12-01-SC Guidelines on the Conduct of Videoconferencing
EFFECTIVITY DATE : 16 January 2021
The Supreme Court issued A.M. No. 20-12-01-SC (Proposed Guidelines on the Conduct of Videoconferencing) to set the standard to be observed by justices, judges, lawyers, essential court staff and party litigants during virtual hearings.
This issuance applies to court hearings and proceedingsconducted through videoconferencing before the Trial Courts, Court of Appeals, Sandiganbayan and Court of Tax Appeals.
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TOPIC : A.M. NO. 20-07-04-SC 2020 Interim Rules on Remote Notarization of Paper Documents (RON RULES)
EFFECTIVITY DATE : 16 August October 2020
Court issued the RON RULES to permit the performance of notarial acts through the use of videoconferencing facilities in cases where the notary public or one of the principals resides or holds office in a locality placed under community quarantine due to COVID-19.
The notarial act performed under these rules shall have the same validity, force and effect and may be relied upon to the same extent as any other act performed under the 2004 Rules on Notarial Practice.
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TOPIC : BIR RULING NO. OT-698-2020 Tax on Sale of Real Properties classified as Capital Assets
DATE OF ISSUANCE : 29 December 2020
Upon the request of Philippine Airlines, Inc., the Bureau of Internal Revenue (BIR) issued a ruling that the sale or conveyance of a real property, which has been idle and vacant for more than two (2) years and has been classified as “Capital Asset,” by a taxpayer not engaged in real estate business shall only be subject to Capital Gains Tax and Documentary Stamp. The sale or conveyance shall be exempt from Value-Added Tax.
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TOPIC : REVENUE REGULATIONS NO. 20-2020 Amending provisions of Revenue Regulations No. 06-2008 regarding determination of the fair market value on sale or conveyance of shares of stocks held as capital assets
DATE OF ISSUANCE : 17 August 2020
The Bureau of Internal Revenue issued Revenue Regulations (RR) No. 20-2020, amending the rules on the determination of fair market value (FMV) on sale, barter, exchange or other disposition of shares of stock not traded through the Local Stock Exchange. According to the new regulations, the use of the Adjusted Net Asset Method previously imposed under RR 06-2013 is no longer mandatory.
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TOPIC : BIR REVENUE REGULATIONS NO. 02-98, as amended by BIR REGULATION NO. 06-01 Revision of the Withholding Tax rate in certain income payments subject to Creditable Withholding Tax
DATE OF ISSUANCE : 31 July 2001
The Bureau of Internal Revenue (“BIR”) issued Revenue Regulations No. 06-01, which requires credit card companies to withhold a creditable income tax based on one-half (1/2) of the gross amounts for any payments received from business entities representing the sales of goods or services made to cardholders. According to this new regulation, when goods or services are paid via credit card, the obligation to withhold creditable income tax is shifted from the buyer to the credit card company.
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TOPIC : REPUBLIC ACT NO. 11534 Corporate Recovery And Incentives For Enterprises Act (CREATE Law)
DATE OF ISSUANCE : 26 March 2021
On 11 April 2021, the CREATE Law, which is thePackage II of the Duterte Administration’s Comprehensive Tax Reform Program, became effective. This law primarily provides stimulus packages and tax burden relief to businesses, especially micro, small and medium enterprises (MSME) to mitigate and address the economic effects of the COVID-19 pandemic.
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TOPIC : BIR RULING NO. 466-2014 Application for a tax exemption certificate by a non-stock, non profit corporation or association under Section 30 (E) of the National Internal Revenue Code of 1997, as amended
DATE OF ISSUANCE : 7 February 2020
To qualify as a non-stock, non-profit corporation exempt from income tax, the company’s earnings or assets shall not inure to the benefit of any of its trustees, organizers, officers, members or any specific person.
In its latest ruling, the BIR stated that the lending of funds to FICCO Branches for rice trading ventures in return for profits is a form of financial assistance/private inurement, which the law prohibits in the organization and operation of a non-stock, non-profit corporation.
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TOPIC : REVENUE REGULATION NO. 1-2021 Tax Incentives and Free Privileges for the Procurement, Importation, Donation, Storage, Transport, Deployment and Administration of COVID-19 Vaccines
DATE OF ISSUANCE : 8 April 2021
The Bureau of Internal Revenue promulgated RR No. 2-2021 to prescribe the guidelines, procedures and requirements for availing the tax exemptions and fee privileges granted under Section 11 of Republic Act No. 11525, otherwise knows as the “COVID-19 Vaccination Program Act of 2021.”
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TOPIC : EXECUTIVE ORDER NO. 209 SERIES OF 1987E Constitutionality of Article 1 and 2 of the Family Code
CASE TITLE : Jesus Nicardo M. Falcis III V. Civil Registrar
DATE DECIDED : 3 September 2019
For the Court to exercise judicial review, the party questioning the constitutionality of government actions must have legal standing or locus standi. Legal standing or locus standi pertains to the party’s material interest in the case such that the subject government action has caused or will cause him direct injury. In dismissing the instant Petition for Certiorari and Prohibition, the Court ruled that the petitioner’s supposed“ personal stake in the outcome of this case is not the direct injury contemplated by jurisprudence as that which would give him [with] standing.”
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TOPIC : A.M. 10-3-10-SC Revised Rules of Procedure for Intellectual Property Cases (2020 IPR Rules)
DATE OF ISSUANCE : 16 November 2020
On 16 November 2020, the 2020 IPR Rules took effect. With the goal of improving and expediting cases involving intellectual property rights in the Philipines, these rules integrated the changes in the 2019 Amendements to the Revised Rules of Civil Procedure and 2019 Amendments to the Revised Rules on Evidence.
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TOPIC : IATF-MEID RESOLUTION NO. 107 SERIES OF 2021 Allowing foreign seafarers to enter the Philippines under the “Green Lanes” Program
DATE ISSUED : 29 March 2021
“Green Lanes” Program was established by the Philippine Government to ensure that seafarers holding a valid and existing 9(c) crew list visa are afforded speedy and safe travel, including their safe and swift disembarkation and crew change, in the country during the COVID-19 pandemic.
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TOPIC : DEPARTMENT ORDER NO. 221 SERIES OF 2021 Revised Rules and Regulations for the Issuance of Employment Permits to Foreign Nationals
EFFECTIVITY DATE : 6 January 2021
The Department of Labor and Employment issued D.O. No. 221 Series of 2021 providing new guidelines for documentary requirements, filing dates, processing time, permit fees, penalties and employers’ duties in relation to securing employment permits for their foreign national employees.
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TOPIC : DEPARTMENT ORDER NO. 221 SERIES OF 2021 THE 1987 CONSTITUTION, ARTICLE II, SEC. 14 IN RELATION TO ARTICLE 364 OF THE CIVIL CODE Legitimate children may use
CASE TITLE : Anacleto Ballaho Alanis III. V. Court of Appeals
DATE DECIDED : 11 November 2020
The Court ruled that the Regional Trial Court (RTC) erred when it held that legitimate children could not use their mother’s surname. According to the Court, RTC’s application of Article 364 of the Civil Code is incorrect as “principally” does not mean “exclusively.” It further stated that the court should incorporate in Article 364 the State policy of ensuring the fundamental equality of women and men before the law, which is guaranteed by no less than the Constitution, statute, and international convention to which the Philippines is a party.
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