Making sense of the SEC’s SENS: An alternative mode of filing

 Economy
Apr 202016
 

For corporations using a calendar fiscal year, it’s that time of the year again to file annual reports, and as deadlines draw near, finding the most efficient way to do this becomes a relevant concern. Under current rules implementing Section 141 of the Corporation Code, there are two basic reports which a regular corporation is required to submit to the Securities and Exchange Commission (SEC) on an annual basis: 1) General Information Sheet (GIS) and 2) Audited Financial Statements (AFS) for the preceding fiscal year, stamped received by the Bureau of Internal Revenue.

Favorable developments in deficiency and delinquency interest

 Economy
Apr 182016
 

Taxpayers may have finally been given two rays of hope by the Court of Tax Appeals when it comes to the applicability of deficiency and delinquency interest in tax assessments. Taxpayers under assessment are often faced with two types of interest under the Tax Code. The first, deficiency interest, is imposed on any deficiency tax due from the date prescribed for its payment until the full payment thereof. The second, delinquency interest, is imposed on the deficiency tax, or any surcharge or interest thereon on the due date appearing in the notice and demand of the BIR. Interest rates for both are at 20%.

Aquino launches Bustos Dam Rehabilitation Project

 Entertainment
Apr 182016
 
Aquino launches Bustos Dam Rehabilitation Project

President Benigno S. Aquino III graces the launching of the Angat Afterbay Regulatory Dam (Bustos Dam) Rehabilitation Project in Barangay Tibagan, Bustos, Bulacan on Friday (April 15). (MNS photo) MANILA  (Mabuhay) – President Benigno S. Aquino III on Friday launched the Angat Afterbay Regulator Dam Rehabilitation Project that aims to repair the Bustos Dam in Bulacan to improve the irrigation system and prevent flashfloods in the province. The P1-billion project begins next month and is expected to be completed by August next year. Bustos Dam, which irrigates farmlands in Bulacan and Pampanga and is a regulator dam of the larger Angat Dam, was built in 1926. In 1967, the dam was fitted with steel gates, which rusted away through the years and were replaced with rubber gates in 1997. The rubber gates have since become brittle and needed immediate replacement. President Benigno S. Aquino III presses the power button to switch on the scale model during the launching of the Angat Afterbay Regulatory Dam (Bustos Dam) Rehabilitation Project in Barangay Tibagan, Bustos, Bulacan on Friday (April 15). Also in photo are Bulacan Governor Wilhelmino Sy-Alvarado, PAFSAM Secretary Fredelita Guiza, and National Irrigation Administration administrator Florencio Padernal. (MNS photo) “Pinag-aralan natin ang mga dapat gawin para sa rehabilitasyon at pagpapaunlad nito. Papalitan ang anim na rubber gates, at magkakabit ng mga sprinkler para sa mga rubber gates, para humaba ang lifespan ng mga ito,” the President said in his speech. “Pag natapos ito, inaasahang mapapatubigan ang buong 26,791 hectares na kasalukuyang Read More …

Comelec to impose smoking ban in all voting precincts on Election Day

 Entertainment
Apr 182016
 
Comelec to impose smoking ban in all voting precincts on Election Day

Workers at the National Printing Office in Quezon City check piles of printed ballots on Tuesday. The Commission on Elections (Comelec) denied allegations that the names of administration candidates Mar Roxas and Leni Robredo were highlighted in the printed ballots.(MNS photo) MANILA  (Mabuhay) – Cigarette smoking will be prohibited in all voting precincts during the May 9 polls, the Comelec said Saturday. Comelec Chairman Andres Bautista had granted the request from Civil Service Commission (CSC) Chairperson Alicia dela Rosa-Bala to make all voting precincts  100% smoke-free environments. In a letter, Bala requested Bautista to enforce CSC Memorandum Circular No. 17, s. 2009 or the Smoking Prohibition Based on 100% Smoke-Free Environment Policy in all voting precincts. “As we continue to protect the interest of the public, the role of the Comelec University of the Philippines (UP) student leaders hold placards ‘Utak at Puso’ urging Filipino voters to use their brain and heart in selecting the right leaders in the May 9 national and local elections, at the Palma Hall at UP Diliman, Quezon City on Tuesday.(MNS photo) is indispensable in securing smoke-free environments for our voters, volunteers and everyone who will participate in the proceedings inside our precincts,” Bala said. In a resolution, the poll body approved CSC’s request for assistance to enforce a smoking ban in all voting precincts during the coming polls. There will be 36,788 voting centers and 92,509 clustered precincts nationwide in the forthcoming polls. (MNS)

76 Kidapawan farmers freed on bail

 Entertainment
Apr 182016
 
76 Kidapawan farmers freed on bail

Activists hold a demonstration in front of the Department of Justice (DOJ) in Manila, on Wednesday, calling for the immediate release of 71 farmers detained in Kidapawan, Cotabato province. The group condemned the violent dispersal of drought-stricken farmers last April 1.(MNS photo) NORTH COTABATO  (Mabuhay) – Seventy-six farmers who participated in a rally that led to a bloody clash with police forces in Kidapawan, Cotabato this month have been released on bail. According to Atty. Sarah Villamor of the National Union of Peoples’ Lawyers (NUPL), 76 out of the total 78 farmers have been released from the Cotabato District Jail as of 2 a.m. Saturday. Villamor said only two individuals identified as Ruben Carlos Mangga and Ponciano de la Pena Paunil remained in jail. Their names were not included in the release order signed by Judge Rebecca De Leon of the Municipal Trial Court in Cities (MTCC) in Kidapawan City. NUPL lawyers and Karapatan paralegals on the ground constantly worked for the bail and directly facilitated the actual release of the farmers. Celebrities, private individuals and other concerned sectors helped raise the money for the bail bond of the farmers. A Senate hearing on the case is set on April 20. The court is meanwhile set to hear the motion for reconsideration on the denial of motion to quash the case filed by the police against the farmers on April 25. A pre-trial conference of the three accused for frustrated homicide – Crisanto Carlum, 72; Gerardo Pequero, 66; and Mark Read More …

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