Legal Updates

SEC INCREASES AUDIT THRESHOLD FROM PHP600,000.00 TO PHP3,000,000.00

Corporate, Finance, Legal Updates / By Admin GVES

In a move aimed at supporting micro, small, and medium enterprises (MSMEs) and aligning regulatory requirements with current economic realities, the Securities and Exchange Commission (SEC) has issued Memorandum Circular No. 4, Series of 2026 dated January 20, 2026. Under the new rules, stock and non-stock corporations exceeding Php3 Million in total assets or liabilities must submit audited financial …

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Can a Corporation Sit on a Condominium Board? The Supreme Court Finally Answers

Corporate, Legal Updates / By Admin GVES

The case of Rodriguez v. Pastorfide, et al. (G.R. No. 256648 24 February 2025) arose from a dispute over who may validly sit on the board of a condominium corporation when the unit owner is a corporation and not a natural person. Medical Plaza Makati Condominium Corporation (MPMCC), a non-stock condominium corporation, held its 20th …

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BIR INCREASES DE MINIMIS BENEFIT CEILINGS: REVENUE REGULATIONS NO. 29-2025

TAXATION, Legal Updates, TAX EXEMPTION / By Admin GVES

The Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 29-2025, dated 27 October 2025 and posted on the BIR website on 22 December 2025, increasing the allowable ceilings for De Minimis benefits granted to employees. De Minimis benefits are employee benefits that are exempt from income tax and withholding tax on compensation, …

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Supreme Court: BIR Cannot Use Distraint, Levy, or Garnishment Without Delinquency or a Valid Assessment

Corporate, Legal Updates, TAXATION / By Admin GVES

In Commissioner of Internal Revenue v. Stradcom Corporation (G.R. No. 255520, 21 April 2025, Caguioa, J.), the Supreme Court affirmed the Court of Tax Appeals (CTA) and ordered the Commissioner of Internal Revenue to refund or issue a tax credit certificate in favor of Stradcom Corporation in the amount of ₱325,381,412.81, representing illegally collected income tax for …

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Supreme Court: Mutual Consent Essential for Voluntary Arbitration in Labor Disputes

Announcements, Legal Updates / By Admin GVES

On 19 May 2025, the Supreme Court held that in a claim or dispute between a Filipino seafarer and their employer, the continuing and consistent objection of one party to voluntary arbitrators shall result in the application of the general rule in Republic Act No. 8042, as amended, that labor arbiters have jurisdiction over the …

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RMC NO. 107-2025 – Suspension of all Audit and Other Field Operations of the Bureau of Internal Revenue Until Lifted by the Commissioner of Internal Revenue

Corporate, Finance, Legal Updates, TAXATION / By Admin GVES

On 24 November 2025, the Bureau of Internal Revenue (“BIR”) issued Revenue Memorandum Circular (“RMC”) No. 107-2025, ordering the immediate suspension of all ongoing field audits and audit-related operations. The suspension covers the issuance of Letter of Authority (“LOA”), Mission Order (“MO”), examination, and verification of taxpayers’ books of accounts, records, and other related transactions. …

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Trademark vs. Trade Name: Legal Distinctions Under Philippine Law

Legal Updates, Intellectual Property Law / By Admin GVES

Under Philippine law, a trademark and a trade name are distinct legal concepts governed by different rules and registration systems. The Intellectual Property Code (Republic Act No. 8293) defines a “mark” in Section 121.1 as any visible sign capable of distinguishing the goods or services of an enterprise. This definition covers trademarks for goods and …

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Acquittal Does Not Extinguish Tax Liability: Supreme Court Reaffirms Independence of Criminal and Civil Tax Enforcement

Legal Updates, TAXATION / By Admin GVES

In a recent ruling in People v. E&D Parts Supply, Inc. and Margaret L. Uy, GR No. 259284, January 24, 2024 (published on January 24, 2025), a Supreme Court decision reiterating long-standing doctrine on the effect of acquittal in tax cases), the Supreme Court reaffirmed a fundamental rule in Philippine tax law: the acquittal of an accused …

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Supreme Court Clarifies VAT Zero-Rating Under the CREATE Act: Domestic Market Enterprises Are Entitled to Incentives

TAXATION, Legal Updates / By Admin GVES

In a landmark decision in The Subic Bay Freeport Chamber of Commerce, Inc. and Benjamin E. Antonio III v. Department of Finance, et al. (G.R. No. 266016, 4 February 2025), the Supreme Court struck down portions of the CREATE Act’s implementing rules and revenue issuances that attempted to limit VAT zero-rating exclusively to export enterprises. The Court …

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A Turning Point in Foreclosure Law: How UCPB v. Ang Rewrites the Rules on Banking Power

Legal Updates / By Admin GVES

In a previous decision made by the Supreme Court in UCPB v. Ang G.R. No. 222448(2021) the court ruled that a foreclosure proceeding due to non-payment of the loan may be held valid even if it is proved that the interest rates imposed by the lender were improper and unlawful. The court rationed that regardless …

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