Section 338 of ra 7160 book

Exemption from payment of tuition and matriculation fees 6. A local government unit may be abolished when its income, population, or land area has been irreversibly reduced to less than the minimum standards prescribed for its creation under book iii of this code, as certi. All fees, charges, assessments, and other receipts or revenues collected by departments, bureaus and offices in the exercise of their functions, at such rates as are now or may be approved by the appropriate approving authority shall be deposited with the national treasury as income of the general fund pursuant to section 44, chapter 5, book vi of. Real property owned by the republic of the philippines or any of its political subdivisions, except when the. Local government code of 1991 ra 7160 free ebook download as pdf file. This code establishes the system and defines powers of provincial, city, municipal and barangay governments in the philippines. No part of this book may be reproduced in any form or by any means without. General welfare clause of the local government code.

Internal revenue code section 338 g certain stock purchases treated as asset acquisitions a general rule. One type of election, under section 338 g, is available to the purchasing corporation. As you will see below, section 338 h10 election is available only in limited situations. Companies act 2014, section 338 irish statute book. Each local government unit shall exercise its power to create its own sources of revenue and to levy taxes, fees, and charges. Whereas, ra 7160, otherwise known as the local government code of 1991. Section 338 of ra 7160 states that no money shall be paid on account of any.

Title i the barangay chapter i role and creation of the barangay section 384. Sep 23, 2012 the following are sections 260 and 263 of ra 7160 in relation to the tax foreclosure auction of delinquent real properties in the philippines. The provincial government paid in advance the amount of p12,242,500. Slide 1 it is the bible for local government administration in the philippines.

Ra 8185 that clarifies the use of the lgus calamity funds. Book 1 policy statements, principles, processes and mechanisms for. Companies act 2006, section 338 is up to date with all changes known to be in force on or before 04 may 2020. The revised katarungang pambarangay law sections 399422, chapter 7 title one, book iii, and section 515, book iv, title i, ra 7160 otherwise known as the local government code of 1991 katarungang pambarangaykp implementing rules and regulations irr provides for the amicable settlement of disputes at the barangay level, as a compulsory. The buyer must acquire control of the target in a qualified stock purchase qsp, defined as the purchase of at least 80% of the total voting power and value vote and value of the targets stock within twelve consecutive months of the first purchase of such stock.

Dec 05, 2011 conversion of such lands into other purposes shall be governed by section 65 of saidlaw. The provisions of the local government code of 1991 to the contrary notwithstanding, health functions and responsibilities devolved to provinces. Signed into law by the president of the ph on oct 10 1991 and took effect on jan 1 1992the code does not apply in the armm, being an autonomous region, it has its own local government code. In a regular section 338 election, two levels of tax are imposed.

Section 107, 108 and 245 of the omnibus election code are hereby repealed. The provisions herein shall govern the exercise by provinces, cities, municipalities, and barangays of their taxing and other revenueraising powers. Notice shall be given by posting notices of the sale for not less than twenty days in at least three public places of the municipality or city where the property is situated, and if such property is worth more than four hundred pesos, such notice shall also be published once a week for at least three consecutive weeks in a newspaper. Local government code almost untouched after 3 presidents. Within thirty 30 days after service of the warrant of levy, the local treasurer shall proceed to publicly advertise for sale or auction the property or a. Act 4118 act 35 as amended and governs extrajudicial. Local government units shall endeavour to be selfreliant and shall continue exercising the powers and discharging the duties and functions currently vested upon them. Section 338 section 338 provides that purchasing corporations that make a qualified stock purchase of at least 80 percent of the stock of a target corporation may make either of two elections that will result in a deemed sale of the target corporations assets. The 2017 tax act substantially changed the considerations and results for various uses of section 338 elections, or not making section 338 elections, or selling assets when the buyer, seller, or target is foreign. This act shall be known and cited as the local government code of 1991. Jan 06, 2012 an internal revenue code irc section 338 election is often advantageous for buyers in corporate acquisitions. The tax section of the new york state bar association the tax section is pleased to submit the recommendations set forth below to modify the regulations implementing the statutory consistency rules under section 336e 2. Summary of audit findings 20072010 duwang camarines. As the basic political unit, the barangay serves as the primary planning and implementing unit of government policies, plans, programs, projects, and activities in the community, and as a forum wherein the collective views of the people may be expressed.

The attached rules and regulations implementing the local government code of 1991, which shall form an integral part of this administrative order, are hereby approved and adopted for the efficient and effective implementation of the said code. The 2016 revised implementing rules and regulations 28 section 4. If the target is an scorporation, all of the targets shareholders including shareholders who do not sell target stock in the qsp must make the election. Ra 8524, which was passed in 1998 and which expanded the term of barangay officials from three to five years. The section 338 h10 election must be made not later than the 15th day of the 9th month beginning after the month in which the acquisition date occurs. There are changes that may be brought into force at a future date.

It provides for a more responsive local government structure instituted through a system of decentralization whereby local government units are delegated more powers, authority, responsibilities and resources. Local government code or republic act 7160 and presidential memo order 172. All disputes are subject to barangay conciliation pursuant to the revised katarungang pambarangay law formerly p. Resource management act 1991 no 69 as at 29 october 2019. Government code of 1991, affirms, among others, that the. The amendments made by this subsection amending this section and sections 269 and 318 of this title shall not apply to any qualified stock purchase as defined in section 338 d3 of the internal revenue code of 1986 formerly i. In the interpretation of the provisions of this code, the following rules shall apply.

Ra 7160 local government code of 1991 flashcards quizlet. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Compensation and benefits of barangay officials, secretary and treasurer sec 393 ra7160 1. Whereas, section 78 of the general provisions of ra 8522, empowers the president to direct changes in the organization and key positions in any department, bureau or agency. Whereas, pursuant to this declared policy, republic act no.

This title shall govern the procurement, care, utilization, custody, and disposal of supplies, as defined herein, by local government units and the other aspects of supply management at the local levels. This guideline will briefly discuss the requirements of both elections and provide a simple comparison of them. If any provisions or party of this act is declared unconstitutional such declaration of unconstitutionality will not affect the other provisions of this act. Apr 19, 2011 one of the fundamental state policies enshrined in the constitution is the autonomy of local government units. Notice of delinquency in the payment of the real property tax. Wacs title 246 chapter 246 338 section 246 338 070 html has links pdf has authentication print this page. The sangguniang barangay, the legislative body of the barangay, shall be composed of the punong barangay as presiding officer, and the 7 regular sangguniang barangay members elected at large and sangguniang kabataan chairman, as members. These results arise as a result of the topdown application of the purchaseprice allocation methods of regs. For purposes of this subtitle, if a purchasing corporation makes an election under this section or is treated under subsection e as having made such an election, then, in the case of any. Local taxes371 local government units lgus derive their revenues from local. According to book iv, title one, section 511 of ra 7160, or the local government code, ordinances with penal sanctions should be posted at prominent places in. Dec 08, 2018 as mentioned in my previous post which contains the full text of act no. One of the fundamental state policies enshrined in the constitution is the autonomy of local government units. Sep 15, 2017 a local government unit may be abolished when its income, population, or land area has been irreversibly reduced to less than the minimum standards prescribed for its creation under book iii of this code, as certi.

Section 338 election overview, asset sale, tax implications. The sangguniang bayan, as the legislative body of the municipality, shall. Record group 338 191793 bulk 194070 please read this notice before continuing in 2001 nara began a project to reallocate many rg 338 records into new record groups, organized around the major army commands. Changes that have been made appear in the content and are referenced with annotations. Be it enacted by the senate and house of representatives of the philippines in congress assembled. This chapter has been annotated to identify the new record group designations for the reallocated records. Proposal to modify regulations under section 336e and 1section 338. Whereas, section 80 of the general provisions of ra 8522 fy 1998 general appropriations act directs heads of departments, bureaus and agencies to scale down, phase out or. A section 338 election cannot be made in a nontaxable stock deal. The compulsory process of arbitration is a precondition for. Ra 7160 local government code of the philippines pdf. In this regard, the constitution mandated congress to enact a local government code which shall provide for a more responsive and accountable local government structure instituted through a system of decentralization with effective.

Sections 260 and 263 of ra 7160 otherwise known as the local. A section 338 h10 election is jointly made by the purchasing corporation and the common parent of the selling consolidated group or the selling affiliate or scorporation shareholders. Ignoring state tax considerations at the outset of a transaction may put you in an adverse negotiation position, particularly in a deemed asset sale under internal revenue code irc section 338 h10. Jul 26, 2011 under section 443a and d of republic act r. Section 254 of r a 7160 provisions on real property tax. Internal revenue code section 338 b5 certain stock purchases treated as asset acquisitions a general rule. Similarly, section 336e provides an election by the seller or sellers to achieve similar tax consequences as a section 338 h10 election. Elections are available under section 338 when a purchasing corporation acquires the stock of another corporation the target in a qualified stock purchase. Book iii of this code, as certified by the national agencies mentioned in sec. Chapter 2 general power and attributes of local government units section 17. However, just like any major legislation, the local government code is.

For purposes of this subtitle, if a purchasing corporation makes an election under this section or is treated under subsection e as having made such an election, then, in the case of any qualified stock purchase, the target corporation. As the basic political unit, the barangay serves as the primary planning and implementing unit of government policies, plans, programs, projects, and activities in the community, and as a forum wherein the collective views of the people may be expressed, crystallized and considered, and. Many buyers and sellers of businesses do not consider state income tax consequences until after a deal has been completed. If a section 338 h10 election is made for t, a section 338 election is deemed made for t. Book iii lgu creation, organization, and powers book iv transitory, penal, and and implementation provisions of the code. In this regard, the constitution mandated congress to enact a local government code which shall provide for a more responsive and accountable local government structure instituted through a system of decentralization. Scope the provision herein shall govern the exercise by provinces, cities, municipalities, and barangays of their taxing and other revenueraising powers.