Government Assistance Flashcards
An act establishing the magna carta for countryside and barangay business enterprises, granting exemptions from any and all government rules and regulations and other incentives and benefits therefore, and for other purposes
Kalakalan 20
An act to promote, develop, and assist small and medium scale enterprises through the creation of a small and medium enterprise development (SMED) council, and the rationalization of government assistance programs and agencies concerned with the development of small and medium enterprises, and for other purposes
Magna Carta for Small Enterprise Republic Act No. 6977
The National Youth Commission (NYC) pursuant to its mandate under R.A. 8044, series of 1995, has formulated the Youth Entrepreneurship Program (YEP) which aims to develop the entrepreneurial skills of the youth and encourage them to participate and organize business enterprises
Executive Order No. 470
A monetary exemption which reduces taxable income. Tax exempt status can provide complete relief from taxes, reduced rates, or tax on only a portion of items. (Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios)
Tax Exemption
An aspect of a country’s tax code designed to incentivize or encourage a particular economic activity. It can have both, positive and negative impacts on an economy. Among the positive benefits, if implemented and designed properly, it can attract investment to a country. Other benefits include, increased employment, higher number of capital transfers, research and technology development, and also improvement to less developed areas
Tax Incentive
The executive department of the Philippine Government tasked as the main economic catalyst that enables innovative, competitive, job generating, inclusive business, and empowers consumers
Department of Trade and Industry (DTI)
The agency of the Government of the Philippines responsible for regulating the securities industry in the Philippines. In addition to its regulatory functions, it also maintains the country’s company register
Securities and Exchange Commission
A state-run, social insurance program in the Philippines to workers in the private, professional, and informal sectors. It is established by virtue of Republic Act No. 1161, better known as Social Security Act of 1954
Social Security System (SSS)
An agency of Department of Finance. It collects more than half of the total revenues of the government
Bureau of Internal Revenue (BIR)
The executive department of the Philippines Government mandated to formulate policies, implement programs and services, and serve as the policy-coordinating arm of the Executive Branch in the field of labor and employment. It is tasked with the enforcement of the provisions of the Labor Code
Department of Labor and Employment (DOLE)
Created in 1995 to implement universal health coverage in the Philippines. It is a tax-exempt, government-owned and controlled corporation (GOCC) of the Philippines, and is attached to the Department of Health. Its stated goal is to ensure a sustainable national health insurance program for all
Philippine Health Insurance Corporation (PhilHealth)
