Legal Updates

DOLE Centralizes Processing of Alien Employment Permits Nationwide

Employers seeking Alien Employment Permits (AEPs) for foreign nationals must now file all applications directly with the Department of Labor and Employment (DOLE) Central Office following the implementation of Administrative Order No. 199, Series of 2026, and Department Order No. 248-B, Series of 2026. Effective 9 June 2026, DOLE Regional Offices no longer accept or …

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BIR Simplifies ONETT Compliance, Consolidated Guidelines on One-Time Transactions

Finance, Legal Updates / By Admin GVES

The Bureau of Internal Revenue (BIR), through Revenue Memorandum Circular (RMC) No. 75-2026, issued a comprehensive Frequently Asked Questions (FAQ) guide governing One- Time Transactions (ONETT). The said Circular consolidates existing revenue regulations, memorandum circulars, and administrative issuances into a single reference designed to simplify the processing of One Time Transaction Computation Sheets (OCS) and issuance …

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SEC Guidelines: Umbrella Funds for Investment Companies

Corporate, Legal Updates / By Admin GVES

The Securities and Exchange Commission (“SEC”) has officially introduced the “Umbrella Fund” framework through Memorandum Circular No. 14, Series of 2026. This development modernizes the structural requirements for investment companies, thus allowing a single corporate entity to manage multiple Sub-funds. Under the new Circular, the SEC defines an Umbrella Fund as an open-end investment company that …

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Taxation of Cross-Border Services: Source of Income Under RMC 024-2026

TAXATION, Legal Updates / By Admin GVES

Cross-border services are now common in commercial transactions. Philippine entities frequently engage foreign providers for consulting, information technology support, training, engineering, telecommunications, and similar services. These arrangements often involve activities performed partly outside the Philippines and partly within the country. In such cases, the principal tax issue is whether payments to the foreign service provider …

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SEC Unveils Tiered Minimum Public Ownership Rules to Boost IPO Market

Corporate, Compliance, Legal Updates / By Admin GVES

The Securities and Exchange Commission (SEC) issued Memorandum Circular No. 11, Series of 2026 last February 24, 2026. This new directive introduces a revised, tiered Minimum Public Ownership (MPO) framework applicable to companies intending to list their shares on the exchange. According to SEC Chairperson Francisco Ed. Lim, the new structure recognizes that the liquidity, valuation dynamics, …

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BIR RMO No. 01-2026: Key Reforms in Tax Audit and Assessment Procedures

Announcements, Legal Updates, TAXATION / By Admin GVES

BIR Revenue Memorandum Order (RMO) No. 01-2026 introduces a reformed audit and assessment framework aimed at enhancing transparency, efficiency, and taxpayer protection in the conduct of tax audits by the Bureau of Internal Revenue (BIR). The Order took effect upon issuance in 27 January 2026. Key Highlights 1. Adoption of the Single-Instance Audit FrameworkAs a …

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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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