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National Internal Revenue Code of 1997 5th Edition
My son, Khalil, will celebrate his 17th birthday next week. He now stands at five feet and 10 inches and is in senior high school. I had Khalil when I was very young. I was then a pregnant adolescent, still navigating through college, definitely lost and amiss. It was a very difficult period in my life. Without the guidance and support of my family and friends, I am not sure if I would have been able to get through such challenging times.
SECTION 10 of Republic Act 11232, otherwise known as the Revised Corporation Code of the Philippines, allows any person, partnership, association or corporation, singly or jointly with others, but not more than 15 in number, to organize a corporation for any lawful purpose or purposes.
Since we were students, we have never stopped attending meetings. In every organization or group we belong to, meetings are a normal occurrence. Especially now that we are part of the workforce, we have either called or been called into one. Every time I look at my calendar in the morning, the happiest times are those when there are no scheduled meetings for the day. On those rare occasions, I have the entire day to face my email—another one of those things that we have too much of in our lives—and tasks.
Change — it may mean alteration, modification, variation, conversion, transformation, or amendment. Whichever way we view it, change will always be part of our lives whether we like it or not. Our Philippine tax laws have been recently amended to lower the tax rates on income received by individual taxpayers to keep up with the changing times. As part of the move to keep up with our neighbors and be competitive, our Congress is now aiming to amend our tax laws to reduce the corporate income tax.
Humanity has always taken pride in its achievements—its scientific breakthroughs and its continuous technological evolution. From living in caves and treehouses to building skyscrapers and underwater structures, we definitely have come a long way. If we look back on the past 200,000 years we have inhabited the earth, we would undoubtedly reflect on monumental discoveries and significant historical events, selecting those that reaffirm that we are destined for greatness. And yet, all our feats and triumphs come at the greatest cost—the future of our planet.
I had a major breakthrough yesterday: I was again able to reach the office within an hour, in 45 minutes to be exact. Over the past month, I have been spending two to three hours on the road every morning. That is essentially cruising the streets of Metro Manila at a speed of six to nine kilometers an hour! At least, it is still faster than the average walking speed of 5 kph. What did I do differently to achieve my “under an hour” travel time? Nothing special, really. I just left our house 30 minutes earlier than the usual 5:30 a.m. cutoff.
House Bill No. 4157 or the Corporate Income Tax and Incentives Rationalization Act (CITIRA) is on its way to the Senate after being approved on third reading in the House of Representatives.
The Securities and Exchange Commission (SEC) has been receiving numerous complaints against Financing Companies (FCs) and Lending Companies (LCs) that allegedly harass borrowers and employ abusive, unethical and unfair means to collect debt. It has also come to the attention of the SEC that these FCs and LCs are purposely employing third-party service providers (TPSPs) to avoid liability for client harassment. In line with these developments, the SEC issued Memorandum Circular 18 Series of 2019 to regulate and supervise such practices.
