List of Business Laws in the Philippines
In every country there are business and commerce laws that every business owner
and entrepreneur should be aware of. In the Philippines, there are also laws and
regulations that govern businesses from registration, operation, up to termination. It is
important that business owners and entrepreneurs know what business laws are
applicable to their type of business and activities. These laws and rules should be
followed to avoid punishments, charges and penalties from the government or
authorities that are implementing and enforcing them. Some of these laws are not only
created to obligate business owners to do their duties but they are also made to obligate
the government to protect these business owners. To make sure you are doing
business legally and to know the decrees that give your business protection and
privileges, the following is a list business laws in the Philippines that entrepreneurs
should be aware of.
1. Tax Reform Act of 1997 (Republic Act No. 8424) –which amended
the National Internal Revenue Code (NIRC) is the law that governs the
national taxation in the Philippines and gives the Bureau of Internal
Revenue (BIR) the power and duty to assess and collect national
internal revenue taxes in the country.
