Legal Sheets Archives

Quarterly Payments of Basic Corporate Income Tax

The quarterly tax payments are advance payments of the tax due on the entire taxable income of that particular taxable year. Thus, these quarterly tax payments are deducted from the total tax due for the entire year as indicated in the final adjustment return...

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Legality of Inspection of Public Transport Buses at Military Checkpoints

An inspection of a public transport bus is a reasonable search, which is beyond the ambit of the constitutional protection...

Legal Sheets

On Merger and Award of Separation Pay to Employees of Absorbed Corporation

The employment contracts are deemed to subsist and continue by the combined operation of the Corporation Code and the Labor Code under the backdrop of the labor and social justice provisions of the Constitution...

Legal Sheets Property Ledgers

A Co-Heir may Institute an Action Prior to Full Settlement of Estate and Without Impleading the Other Co-Heirs

Even before the settlement of the estate, an heir may file an action for reconveyance of possession as a co-owner thereof, provided that such heir recognizes and acknowledges the other co-heirs as co-owners of the property...

Legal Sheets Tax Journals

Income Tax Treatment of Educational Institutions

The tax exemption granted to non-stock, non-profit educational institutions is conditioned only on the actual, direct and exclusive use of their revenues and assets for educational purposes...

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Exceptions to the Nell Doctrine

The Supreme Court laid down the exceptions to the Nell Doctrine, in which instances, the transferee shall assume the liabilities of the transferor corporation...

Foreign corporation doing business in the Philippines

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On Foreign Corporations Doing Business in the Philippines

The phrase “doing business” shall include soliciting orders, service contracts, opening offices, whether called “liaison” offices or branches; appointing representatives or distributors domiciled in the Philippines...

Legal Sheets Tax Journals

Letter Notice Not a Valid Substitute for Letter of Authority in Tax Audit

An LN is entirely different and serves a different purpose than an LOA. After an LN has served its purpose, the revenue officer should have properly secured an LOA before proceeding...

E-Commerce Discount - Senior Citizens and Persons with Disability

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Discount on E-Commerce Purchases of Senior Citizens and Persons with Disability (Part 1)

JMC No. 01, series of 2022 provides for the guidelines on the mandatory provision of statutory benefits of the senior citizens and persons with disability...

Legal Sheets

Frequently Asked Questions About One Person Corporation (Part 3)

The OPC, like an ordinary corporation, is a juridical entity with personality separate and distinct from that of the single stockholder...

Legal Sheets Tax Journals

Why LOA matters in Tax Audits

A Letter of Authority or LOA is the authority given to the appropriate revenue officer assigned to perform assessment functions. It empowers or enables said revenue officer to examine the books of account and other accounting records of a taxpayer for the purpose of collecting the correct amount of tax.