Top, a word that I know many of us dream or aspire to be at. We always hear the saying “Always reach for the top” that we have learned to apply it in our day-to-day living. As a student, we want to be at the top of our class. As an athlete, we want to be at the top of our game. As a singer, we want to sing at the top of our lungs. As a mountain climber, we always want to reach the top. Most people find joy in being on top of everything they do. However, does being on top automatically entitle you to better things or opportunities? I guess that is what we need to find out. Just a brief history, way back in 2001, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 6-2001 that introduced the Top 5,000 Private Corporations. Two years passed, RR No. 17-2003 was released to make it Top 10,000 Private Corporations. After five years, RR No. 14-2008 was issued which doubled the number to Top 20,000 Private Corporations. With the effectivity of Republic Act 10963 … [Read more...] about Wanna be on top?
Corporate income tax definition
Republic Act 11232 or the Revised Corporation Code of the Philippines or RCC was signed into law by President Duterte on Feb. 20. The Act, which is a consolidation of Senate Bill 1280 and House Bill 8374, seeks to make doing business in the Philippines easier for Filipinos and foreigners alike by repealing in its entirety the old Corporation Code, and introducing various reforms to govern the existence of private corporations. It is to be remembered that the old code, Batas Pambansa Blg. 68, has been in full force and effect for the past 38 years — i.e., since its effectivity back in May 1, 1980 – and, as of late, has been a subject of criticism for its essentially obsolete provisions by modern business standards. By way of example, whereas the RCC provides that directors or members who cannot physically attend or vote at board meetings may do so through remote communication methods, the old code absolutely required the physical presence of the directors or members in said … [Read more...] about Allowed double taxation?