REVISED CORPORATION CODE OF THE PHILIPPINES (RA 11232): A COMPARATIVE GUIDE
Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines, was signed into law by President Rodrigo R. Duterte on February 20, 2019. The Code, which took effect February 23, 2019, introduced substantial changes to the laws governing corporations in the Philippines.
In line with the Firm's commitment to continuously educate the public on the latest laws and regulations, we have prepared a comparative guide between the old versus the revised corporation code to highlight the salient changes introduced with the revision.
2018 BARANGAY AND SANGGUNIANG KABATAAN (SK) ELECTIONS WATCHERS' GUIDE
Barangays are the smallest local government unit in the Philippines. The Barangay elections in thecountry is held every 3 years. The election shall elect the Punong Barangay, more commonly known as the Barangay Captain, as well as the members of the Sangguniang Barangay or the Barangay Council.
To aid the candidates in the upcoming barangay elections, here's a guide for election watcher's.
*On September 30, 2019 the Senate of the Philippines passed a bill postponing the date of the Barangay and Sangguniang Kabataan elections to December 5, 2022.
NIRC VS. TRAIN LAW: A COMPARATIVE GUIDE
On December 19, 2017, President Rodrigo R. Duterte signed into law Package 1 of the Comprehensive Tax Reform Program (CTRP), also known as the Tax Reform for Acceleration and Inclusion (TRAIN), as Republic Act (RA) No. 10963. The said Law took effect on January 1, 2018.
TRAIN Law aims to make the Philippine Tax System simpler, fairer, and more efficient to promote investments, create jobs and reduce poverty. To meet such objective, the TRAIN law introduced amendments to several provisions of the National Internal Revenue Code (NIRC). Below is a comparative list of the original provisions versus the TRAIN Law amendments to help the public better understand the changes.
Train Law includes amendments to several provisions of the NIRC including changes to personal income taxation, passive income for both individuals and corporations, estate tax, donor's tax, value-added tax (VAT), excise tax, documentary stamp tax, among others.
If your organization needs assistance in interpreting and implementing changes brought by TRAIN law, don't hesitate to contact us now.