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...

One Person Corporation - Frequently Asked Questions

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Frequently Asked Questions About One Person Corporation (Part 2)

The law requires the OPC to designate a nominee and an alternate nominee who, in the event of the single stockholder’s death or incapacity, shall take the place of the single stockholder...

Legal Sheets

Anvil Ensembles v. Court of Appeals – On Negligence and Termination of Employment

Gross negligence has been defined as the want or absence of even slight care or diligence as to amount to a reckless disregard of the safety of the person or property...

Legal Sheets Tax Journals

Documentary Stamp Tax Payment Date for DST Metering Machine Users

For DS metering machine users, the payment of the DST upon loading/reloading is merely an advance payment for future application...

Legal Sheets

On the Right of a Stockholder to Inspect Corporate Books and Records

if the right is to be denied, the burden of proof is upon the corporation to show that the purpose of the shareholder is improper, by way of defense...

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Capacity to Sue of Dissolved Corporation

The time during which the corporation, through its own officers, may conduct the liquidation of its assets and sue and be sued as a corporation is limited to three years from the time the period of dissolution commences...

Legal Sheets Property Ledgers

Interest on Installment Sale of Real Property and Suspension of Payment

Although the suspension of payment by the buyer was valid, he is still liable to pay the interest as agreed upon...

Legal Sheets

Guidelines in the Conduct of Bus Search

The Supreme Court laid down in Saluday vs. People the guidelines in the conduct of bus searches. Whenever compliant with these guidelines, a routine inspection at the terminal or of the vehicle itself while in transit constitutes a reasonable search...

Legal Sheets Tax Journals

Irrevocability Rule Under Section 76 of the Tax Code and Its Applicability to Refund and Tax Credit Options

Its marking of the box "To be refunded" in its 2005 annual ITR constituted its exercise of the option, and from then onwards Rhombus became precluded from carrying-over the excess creditable withholding tax...

Legal Sheets Property Ledgers

Maceda Law – Transactions Covered and Rights of Buyer

Republic act No. 6552, the Realty Installment Buyer Act, was enacted ‘to protect buyers of real estate on installment payments against onerous and oppressive conditions' (Sec. 2)...

Legal Sheets Property Ledgers Tax Journals

On Real Property Tax Collection Case and Boundary Dispute Between Local Government Units

The real property tax is due to the local government unit where the property is located. Pending resolution of the boundary dispute...

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...

Discount - Senior Citizens and Persons With Disability

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Discount on E-Commerce Purchases of Senior Citizens and Persons with Disability (Part 2)

Upon placement of order, the Senior Citizen or Person with Disability must provide his/her name, date of birth, and the lD number...

Tax Exemption of Compensation for Personal Injuries

Legal Sheets Tax Journals

Gross Income Exclusion and Tax Exemption of Damages on Account of Personal Injuries

The amount of the consequential damages representing loss of the victim’s earning capacity is subject to tax since such damages are merely replacement of income which would have been subjected to tax if earned...

Legal Sheets

Delivery of Stock Certificate and Rescission of Sale | Finvest Securities v. Trans-Phil Marine

In the sale of shares of stock, physical delivery of a stock certificate is one of the essential requisites for the transfer of ownership of the stocks purchased...

Foreign corporation doing business in the Philippines

Legal Sheets

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...

Radio and TV Hosts as Independent Contractors

Legal Sheets

A Radio and Television Host as Independent Contractor

Independent contractors often present themselves to possess unique skills, expertise or talent to distinguish them from ordinary employees...

Legal Sheets

Validity of Divorce Obtained Abroad When Filipino Spouse Initiated the Proceeding

The letter of the law does not demand that the alien spouse should be the one who initiated the proceeding wherein the divorce decree...

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Legal Sheets

Quarterly Payments of Basic Corporate Income Tax

Frequently Asked Questions About One Person Corporation (Part 2)

Anvil Ensembles v. Court of Appeals – On Negligence and Termination of Employment

Documentary Stamp Tax Payment Date for DST Metering Machine Users

On the Right of a Stockholder to Inspect Corporate Books and Records

Capacity to Sue of Dissolved Corporation

Interest on Installment Sale of Real Property and Suspension of Payment

Guidelines in the Conduct of Bus Search

Irrevocability Rule Under Section 76 of the Tax Code and Its Applicability to Refund and Tax Credit Options

Maceda Law – Transactions Covered and Rights of Buyer

On Real Property Tax Collection Case and Boundary Dispute Between Local Government Units

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

Discount on E-Commerce Purchases of Senior Citizens and Persons with Disability (Part 2)

Gross Income Exclusion and Tax Exemption of Damages on Account of Personal Injuries

Delivery of Stock Certificate and Rescission of Sale | Finvest Securities v. Trans-Phil Marine

On Foreign Corporations Doing Business in the Philippines

A Radio and Television Host as Independent Contractor

Validity of Divorce Obtained Abroad When Filipino Spouse Initiated the Proceeding

Why LOA matters in Tax Audits

The Promise of Forever | On Receipts and Invoices

Delivery of Stock Certificate and Rescission of Sale | Finvest Securities v. Trans-Phil Marine

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