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Investment law in Taguig, Philippines, is governed by the Republic Act No. 7042, otherwise known as the Foreign Investments Act, and other supplementary national laws, as well as local regulations. This jurisdiction encourages both local and foreign investors to establish businesses and engage in trade in the city, with particular support for sectors that further economic development. For foreign investors, certain restrictions apply depending on the industry and the degree of foreign ownership.
If you are considering investing in Taguig, you may need a lawyer for several reasons. Legal assistance is necessary when drafting and reviewing contracts, setting up a business entity, understanding and navigating the local investment regulations, and ensuring compliance with labor, tax, and other relevant laws. Moreover, if you're a foreign investor, a lawyer can ensure that your investment adheres to the limitations set by the Foreign Investments Act.
The locals laws in Taguig specific to investment primarily include regulations on business registration, taxes, and zoning. It is vital to comply with the procedures set by the Taguig City Hall when registering your business. Tax ordinances are also issued by the local government, which are in addition to national tax laws. Violations of these laws can incur penalties. Lastly, zoning laws should also be considered as your facility’s location can affect your compliance with the city’s regulations.
Foreign ownership of businesses in the Philippines, including Taguig, depends on the industry according to the Foreign Investments Act. Larger degrees of foreign ownership are allowed in enterprises not included in the Foreign Investment Negative List (FINL).
National taxes such as income tax and VAT are applied, and local business taxes as mandated by the Taguig Local Government Unit.
Business registration is carried out at the Taguig City Hall, which involves several steps such as securing a barangay clearance and business permit.
Yes, you can contest a local tax assessment. It would be best to consult with a lawyer for the legal process involved.
Sectors that promote economic development or are in line with the local government unit’s development plan often receive incentivization. These can vary and are subject to change based on the needs of the city.
Aside from legal consultations, the Taguig City Local Investment Board and the Philippine Economic Zone Authority can be useful resources. These bodies provide relevant information and support for businesses and investors in the city.
If you are in need of legal assistance for your investment in Taguig, find first a reputable law firm in the city. It would be best to choose lawyers with a vast experience in investment laws in the Philippines. Preparing your business documents will also be helpful when seeking advice or legal services.
