The “Ease of Paying Taxes Act” (Rep. Act No. 11956), signed by Pres. Marcos, Jr. in January 2024, streamlines tax administration in the Philippines, particularly for real estate transactions. It categorizes taxpayers, simplifies filing, and promotes online compliance, aiming to reduce confusion, encourage tax compliance, and facilitate property transactions.
Tag Archives: real estate service practitioners
Legal Insights on Real Estate in Corporate Liquidation
The article discusses significant Supreme Court rulings regarding the legal authority and actions of dissolved corporations, particularly in real estate transactions. It emphasizes that dissolved entities retain limited juridical personality only for liquidation procedures. Real estate professionals must ensure legal compliance and authenticity when handling transactions involving such corporations, seeking legal counsel as needed.
Guide to Owning Property in the Philippines as a NRF or Dual Citizen
The article discusses property ownership in the Philippines for Filipinos living abroad, including dual citizens and non-resident Filipinos. It outlines their rights, legal considerations, tax obligations, and the importance of proper title registration. It emphasizes the need for legal guidance to navigate the intricacies of real estate transactions.
Step-by-Step Guide to Selling Real Estate Owned by a “Dead” Corporation
“We should all be obliged to appear before a board every 5 years and justify our existence… on the pain of liquidation.” – George Bernard Shaw, Irish Playwright and Political Activist (Part 2 of 4) By Realttorney® In Part 1 of this series, we discussed how corporations in the Philippines may be dissolved and howContinueContinue reading “Step-by-Step Guide to Selling Real Estate Owned by a “Dead” Corporation”
How Can a “Dead” Corporation Sell Its Real Estate in the Philippines?
The article discusses the complexities surrounding the sale of real estate owned by dissolved corporations in the Philippines, emphasizing the legal distinctions between dissolution and liquidation. Many Filipino family corporations from the late 20th century have become inactive, complicating real estate transactions due to their properties remaining under their name. The Revised Corporation Code allows dissolved corporations to conduct limited activities for three years post-dissolution, including property sales through appointed liquidators.