Tax on Internet Election Ads
The Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 8-2009 (RR 8-09) entitled “Amending Further Secs. 2.57.2 and 2.57.3 of Revenue Regulations No. 2-98, as amended, Subjecting to Creditable Withholding Tax the Income Payments Made by Political Parties and Candidates of Local and National Elections of All Their Campaign Expenditures and Income Payments Made by an Individual or Juridical Person For

Lending Companies: SEC Certificate of Authority to Operate
PERSONS OR ENTITIES cannot engage in the business of lending company without a Certificate of Authority to Operate as such from the Securities and Exchange Commission (SEC).  In a Notice dated August 4, 2009, the SEC (Corporation and Finance Department) reminded the public that the one (1) year period granted under Republic Act No. 9474 (The Lending Company Regulation Act of 2007) for lending compani

BIR: 45 Days to Claim Typhoon Losses
ABSTRACT: A taxpayer has the right to claim losses due from typhoons such as Ondoy, Pepeng and Santi.  However, the right to claim losses should be made within FORTY FIVE (45) days from the date of the event causing the loss.  This is based on Revenue Regulations No. 12-77, as amended. The following is the text of BIR’s MEDIA RELEASE dated October 16, 2009: Due to the recent calamity brought about by Typhoons Ondoy and Pe

Extraordinary Presumptions
The following are presumptions which are somewhat extraordinary as it borders on the negative aspects such as fraud, negligence and guilt although some of the presumptions are with prior established basic facts. Presumed Fraudulent. Article 1387 of the Civil Code of the Philippines provides that all contracts by virtue of which the debtor alienates property by gratuitous title are presumed to have been entered into in fraud of creditors, when the donor did not reserve sufficient property to pay all d

Judges won’t go to Sulu
WITHOUT INCENTIVES AND SECURITY, JUDGES WON’T GO TO SULU Senate Minority Leader Aquilino Q. Pimentel, Jr. (PDP-Laban) today pressed for the grant of a special package of incentives to judges assigned to Sulu to encourage them to hold office and conduct court hearings in the strife-torn province and to solve court vacancies. Pimentel urged the Supreme Court and the Court Administrator to endorse a pending legislative measure doubling the salaries and allowances and providing a