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Phillippines Revenue Sharing The 1987 Constitution stipulates that “local governments shall be entitled to an equitable share in the proceeds […] the national wealth within their respective areas.”
I. Doing Business in the Philippines The Revised Corporation Code of the Philippines (the “RCC”), which took effect on February 20, 2019, requires any foreign corporation doing business in the Philippines to obtain a license to do business from the Philippine Securities and Exchange Commission (“SEC”).
Revenue sharing is a critically important element of such partnerships, and it is the starting point for any meaningful analysis of over-all costs and benefits from mining.
Overview of Philippine Fiscal Decentralization • Geographically strategic: 7,107 islands ... Presidential Decrees during the Martial Law 1987 Constitution Local Government Code of 1991 • From centralist (transfer of authority) to people-oriented service delivery at the local level ... Business No Yes Yes No Real property Yes Yes Share Share
Agreement between the Government of the Philippines (GPH) and the Moro Islamic Liberation Front (MILF) and outlines and elaborates additional details regarding revenue generation and wealth sharing.
Persons engaging in business as partners in a general professional partnership shall be liable for income tax only in their separate and individual capacities. For purposes of computing the distributive share of the partners, the net income of the partnership shall be computed in the same manner as a corporation.
Page 4 | A Primer on Doing Business in the Philippines I. TYPES OF BUSINESS ORGANIZATIONS The different types of business organizations can be classified into two (2) general categories: A. Domestic or those organized under Philippine laws 1. Sole proprietorship 2. Partnership 3. Corporation B. Foreign or those organized under laws other than ...
