With a stock sale, the buyer is assuming ownership of both assets and liabilities including potential liabilities from past actions. Sections 3 338, chapter 15, revised administrative code of. There are changes that may be brought into force at a future date. Local government units shall endeavour to be selfreliant and shall continue exercising the powers and discharging the duties and functions currently vested upon them. This code establishes the system and defines powers of provincial, city, municipal and barangay governments in the philippines. Jul 26, 2014 all disputes are subject to barangay conciliation pursuant to the revised katarungang pambarangay law formerly p. 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 united states congress enacted section 338 in 1982 to allow taxpayers to treat certain qualified stock purchases stock acquisition in a stock acquisition, the individual shareholders sell their interest in the company to a buyer. Seller and buyer agree that buyer shall not make nor cause or permit to be made any election under section 338g of the code a section 338g election with respect to tcsi or any other subsidiary of the company that is a foreign corporation within the meaning of section 7701a5 of the code in connection with the transactions effected andor contemplated. Jan 06, 2012 valuation plays key role in section 338 elections an internal revenue code irc section 338 election is often advantageous for buyers in corporate acquisitions. A section 338 election cannot be made in a nontaxable stock deal. Internal revenue code section 338b5 certain stock purchases treated as asset acquisitions a general rule.
The section 338h10 election must be made not later than the 15th day of the 9th month beginning after the month in which the acquisition date occurs. Changes that have been made appear in the content and are. Sections 260 and 263 of ra 7160 otherwise known as the local. The provincial government paid in advance the amount of p12,242,500.
No part of this book may be reproduced in any form or by any means without. If a section 338 h10 election is made for t, a section 338 election is deemed made for t. If a section 338h10 election is made for t, a section 338 election is deemed made for t. Valuation plays key role in section 338 elections valuation. Power duties functions ra 7160 sec 465 468 467 local government code 1. Section 338 1 definitions of terms 338 2 authority and duties of the department of health 338 3 registration districts 338 4 deaths reported to county clerks 338 4. 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. 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. The sangguniang bayan, as the legislative body of the municipality, shall.
Each local government unit shall exercise its power to create its own sources of revenue and to levy taxes, fees, and charges. A section 338 h10 election is much more common than a section 338 g election because the 338 g election results in two levels of tax, whereas a 338 h10 election results in only one. 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. The provincial governor, as the chief executive of the provincial government, is mandated to exercise powers and perform duties and functions necessary to promote the general welfare of the locality and its inhabitants. In a regular section 338 election, two levels of tax are imposed. Resource management act 1991 no 69 as at 29 october 2019. Chapter 2 general power and attributes of local government units. Proceeds of crime act 2002, section 338 is up to date with all changes known to be in force on or before 18 may 2020. Act 4118 act 35 as amended and governs extrajudicial. Jul 02, 2016 power duties functions ra 7160 sec 465 468 467 local government code 1. When a corporate buyer purchases the stock of a target corporation from a selling consolidated group, sec. 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.
Article ix, section 27 of the collective bargaining. 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. 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. Revised omnibus regulations governing the fidelity bonding of. Section 338 election overview, asset sale, tax implications. This act shall be known and cited as the local government code of 1991. 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. Elections are available under section 338 when a purchasing corporation acquires the stock of another corporation the target in a qualified stock purchase. The local government code of 1991 the governor shall ensure that the acts of the component cities and. Whoever causes grievous hurt to any person by doing any act so rashly or negligently as to endanger human life, or the personal safety of others, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine.
Official gazette of the republic of the philippines the. All disputes are subject to barangay conciliation pursuant to the revised katarungang pambarangay law formerly p. Republic of the philippines congress of the philippines metro manila eighth congressrepublic act no. Jul 26, 2011 under section 443a and d of republic act r. 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. Implementing rules and regulations of section 4aa of republic act no. 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. Wacs title 246 chapter 246 338 section 246 338 070 html has links pdf has authentication print this page.
Local government code of 1991 ra 7160 free ebook download as pdf file. 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. The compulsory process of arbitration is a precondition. General welfare clause of the local government code. Be it enacted by the senate and house of representatives of the philippines in congress assembled. The attached rules and regulations implementing the local government code of. Section 28a1 and b1 and 5b of the same code, as amended, are hereby further amended to read as follows. 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. Its enactment, after the enactment of the general provisions of section 338 in the tax equity and fiscal responsibility act of 1982, was an outgrowth of other amendments made.
Causing grievous hurt by act endangering life or personal safety of others. Chapter 2 general power and attributes of local government units section 17. The rules in this section apply in addition to those generally applicable upon the making of an election under section 338. International tax watch asset acquisition or caa as determined under u. Chapter ix book v of the administrative code of 1987 e. Real property owned by the republic of the philippines or any of its political subdivisions, except when the. Companies act 2006, section 338 is up to date with all changes known to be in force on or before 20 may 2020. Whereas, pursuant to this declared policy, republic act no. Whereas, ra 7160, otherwise known as the local government code of 1991. Scope the provision herein shall govern the exercise by provinces, cities, municipalities, and barangays of their taxing and other revenueraising powers.
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. Changes that have been made appear in the content and are referenced with annotations. Book iii of this code, as certified by the national agencies mentioned in sec. 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. These results arise as a result of the topdown application of the purchaseprice allocation methods of regs. 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. Sections 260 and 263 of ra 7160 otherwise known as the. In the interpretation of the provisions of this code, the following rules shall apply. The provisions herein shall govern the exercise by provinces, cities, municipalities, and barangays of their taxing and other revenueraising powers.
Government code of 1991, affirms, among others, that the. In the case of a conflict between the provisions of this section and other provisions of the internal revenue code or regulations. Section 3381 definitions of terms 3382 authority and duties of the department of health 3383 registration districts 3384 deaths reported to county clerks 3384. Internal revenue code section 338 b5 certain stock purchases treated as asset acquisitions a general rule. The compulsory process of arbitration is a precondition for.
Title i the barangay chapter i role and creation of the barangay section 384. Wacs title 246 chapter 246338 section 246338070 html has links pdf has authentication print this page. 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 local government code of 1991 the governor shall ensure that the acts of the component. Ra 7160 local government code of the philippines pdf. Companies act 2014, section 338 irish statute book. Except as otherwise provided in this code, a corporation organized, authorized, or existing under the laws of. Section 338h10 originally section 338h9 was enacted in late 1982 by section 306a8bi of the technical corrections act of 1982. Power duties functions ra 7160 sec 465 468 467 local. One type of election, under section 338 g, is available to the purchasing corporation.
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