The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.
Business Law and Labor Law Updates
Extension of the Mandatory Grace Period for Loans during the Modified Enhanced Community Quarantine/General Community Quarantine Period
On 13 May 2020, the Securities and Exchange Commission (SEC) issued a Notice to Financing Companies (FCS), Lending Companies (LCS) And Microfinance NGOs (MF-NGOS) to extend the mandatory grace period for loans during the Modified Enhanced Community Quarantine (MECQ) or General Community Quarantine Period (GCQ) in view of the imposition of either Modified Enhanced Community Quarantine (MECQ) or General Community Quarantine (GCQ) across the country until 31 May 2020.The Mandatory Grace Period is pursuant to Section 3.01 of the Implementing Rules and Regulations (IRR) of Section 4(aa) of the Bayanihan to Heal As One Act, which reads:
How to Avail the Estate Tax Amnesty?
Upon the death of the decedent, succession takes place. Also, the right of the State to tax the privilege to transmit the estate vests instantly upon death.
Estate Tax is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. For an heir or beneficiary to be able to transfer the decedent’s properties under his/ her name, the estate tax must first be settled. Failure to pay the estate tax on the prescribed period will subject the estate to penalty.
Online Registration System for One Person Corporation and Corporations with 2-4 Incorporators
The Securities and Exchange Commission (SEC) has set-up an interim online registration system to facilitate the application for registration of One Person Corporation and corporations with 2-4 incorporators during the Enhanced Community Quarantine. The system allows an applicant or its duly appointed representative to submit the proposed company name and input details of the articles of incorporation for review of the Commission.
WHAT IS TWIN NOTICE RULE?
The concept of Twin Notice Rule has something to do with Labor Laws, particularly in Illegal Dismissal cases. Twin Notice Rule must be adhered to by the business enterprises or employers when terminating an employee. Otherwise, they would be liable according to law. The case of Distribution and Control Products, Inc. Vincent M. Tiamsic vs. Jeffrey E. Santos, G.R. No. 212616, July 10, 2017, discussed thoroughly the concept of Twin Notice Rule.
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