Cottage Industries under Republic Act No. 3470
A cottage industry refers to any economic activity carried on mainly in the homes for profit. It is usually small-scale and mainly done with the help of family members.
A cottage industry refers to any economic activity carried on mainly in the homes for profit. It is usually small-scale and mainly done with the help of family members.
Executive Order No. 709, s. 1981 created the Ministry of Trade and Industry. Executive Order No. 133, s. 1987 reorganized the Ministry of Trade and Industry, and renamed it the Department of Trade and Industry.
By virtue of this Proclamation No. 400, s. 1953, July 13 to 19 of every year is declared as “Philippines Business Week”.
When a single stockholder acquires all the stocks of an ordinary stock corporation, the latter may apply for conversion into a One Person Corporation (OPC), subject to submission of documents which the Securities and Exchange Commission may require.
The Minimum Corporate Income Tax (MCIT) effective 1 July 2020 until 30 June 2023 is 1%. Starting 1 July 2023, the MCIT is 2% of the gross income of the corporation as of the end of the taxable year pursuant to the Corporate Recovery and Tax Incentives for Enterprises Act.
The government, through the Department of Trade and Industry (DTI) shall provide institutional services to the private sector.
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