On October 30, 2024, the President Ferdinand R. Marcos Jr. issued Proclamation No. 727 declaring the list of regular holidays and special days for this new year, 2025.
The last day of the year (December 31) is a nationwide special holiday under Republic Act No. 9492. The Office of the President declared the last day of the year as a special non-working day through Proclamation No. 368, Series of 2023.
Pursuant to the provisions of Sections 244 and 245 of the National Internal Revenue Code of 1997, as amended (Tax Code), in relation to Section 47 of R.A. No. 11976, otherwise known as the “Ease of Paying Taxes (EOPT) Act”, these Regulations are hereby promulgated to implement Section 112 (C) of the Tax Code on the risk-based approach in verifying VAT refund claims, Section 112 (D) of the Tax Code on the liabilities in case of disallowance by the Commission on Audit (COA), Section 76 (C) of the Tax Code on the refund of unutilized excess income tax credit in case of dissolution or cessation of business, Section 204 (C) of the Tax Code on the processing of tax refund, and Section 229 of the Tax Code on the policies for judicial claims.
In this case, the records show that Jovelyn had served her sentence from November 24, 2011 up to the time this case was decided by the Supreme Court in 2023. In total, Jovelyn had been in prison for almost twelve (12) years – which is more than her maximum imposable penalty of ten (10) years and eight (8) months.
Under the National Internal Revenue Code (NIRC) of the Philippines, any person – natural or juridical, and resident or non-resident – who transfers or causes to transfer property by gift must pay the donor’s tax. The donor’s tax is paid upon filing of the Donor’s Tafx Return, which must be made within 30 days after the date when the gift was made or completed.
Donor’s tax is an excise tax imposed on the privilege to transfer property by way of gift inter vivos based on a pure act of liberality without any or less than adequate consideration and without any legal compulsion to give.
Being able to serve the country definitely has its perks. One of them is the privilege of receiving various bonuses, which prove to be very helpful, especially in this time of gift-giving and joyful celebrations.
Photo from Pexels | cottonbro studio The following post does not create a lawyer-client relationship between Alburo Alburo and Associates Law Offices (or any of its lawyers) and the reader. It is still best for you to engage the services of a lawyer or you may directly contact and consult Alburo Alburo and Associates Law Read more about 13th Month Pay vs. Christmas Bonus[…]
Executive Order No. 61 (s. 2024) suspended the implementation of Administrative Order No. 25 (s. 2011) establishing a Results-Based Performance Management System (RBPMS) and Executive Order No. 80 (s. 2013) adopting a Performance-Based Incentive (PBI) System and all relevant issuances related thereto pending review of the systems.
Pursuant to SSC Resolution No. 212 s. 2022 dated April 6, 2022 approving the revised implementing guidelines on the pension loan program for SSS retiree-pensioners, all SSS retiree-pensioners who met the qualifying conditions for the availment of the loan are eligible to apply. Moreover, SSS-retiree pensioners whose retirement claims were settled under the Special Pension System, or under the care and custody of a guardian, or receiving their monthly pension through checks shall be excluded from this program.
