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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.

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...

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...

Discount - Senior Citizens and Persons With Disability

Legal Sheets

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...

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

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...

Tax Journals

The Promise of Forever | On Receipts and Invoices

Revenue Regulations No. 6-2022 removes the validity period of receipts and invoices prescribed under RR No. 10-2015 and RR No. 18-2012....

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

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

Frequently Asked Questions About One Person Corporation (Part 1)

A One Person Corporation is a corporation with a single stockholder, who can only be a natural person, trust or estate...

Legal Sheets Property Ledgers Tax Journals

Authority to Collect Real Property Tax During Pendency of Boundary Dispute Case Between Local Government Units

It is imperative to determine the location of the property in order to identify who between the local government units involved has the authority to collect real property tax...

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...

Legal Sheets Property Ledgers Tax Journals

On Deposit Requirement Under Section 267 of the Local Government Code

The deposit is a jurisdictional requirement which must be satisfied before the court can entertain any action assailing the validity of the public auction sale...

One Person Corporation - Frequently Asked Questions

Legal Sheets

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...

E-Commerce Discount - Senior Citizens and Persons with Disability

Legal Sheets

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 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...

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...

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