Identify your industry. Discuss the Economic, Social, Technological, and Legal aspects of your industry
I. POLITICAL/LEGAL
1. Employee Laws
HOURS OF WORK
Art. 83. Normal hours of work. The normal hours of work of any employee shall not exceed eight (8) hours a day.
Art. 84. Hours worked. Hours worked shall include (a) all time during which an employee is required to be on duty or to be at a prescribed workplace; and (b) all time during which an employee is suffered or permitted to work. Rest periods of short duration during working hours shall be counted as hours worked
Art. 85. Meal periods. Subject to such regulations as the Secretary of Labor may prescribe, it shall be the duty of every employer to give …show more content…
o Maintaining the cleanliness of the cooking area and the whole store before, after, during operations.
3. Tax Policies
• Value Added Tax (VAT). Paid monthly using BIR form 2550M, this is the tax charged on the difference between your acquisition cost (including direct material expenses) and your selling price. The key point here is that the basis will be only on the “value” you added to your product cost. If you have a large profit margin, you will be paying more value added tax even if you do not earn any net profit. Companies whose projected sales are expected to be below a certain amount are exempted from paying value added tax, but they are still required to pay percentage tax on their sales. There are also certain transactions that …show more content…
Paid monthly using BIR form 2551M, this is the tax you pay if you are not a VAT registered company. The amount payable is computed as a percentage of your sales. Normally this tax is paid at an authorized bank within the area covered by the BIR revenue district office (RDO). • Capital gains tax. This is the tax paid if you sell real property classified as a capital asset. The name of this tax is a little confusing since the term capital that is used here has a special legal meaning that is different from what laymen usually understand. Also, you must pay the tax even if there is no gain in value; in effect, this is a type of transaction tax. Note that people prefer paying capital gains tax, as the tax is normally higher if the asset is not classified as a capital asset. • Income tax. Paid quarterly using BIR form 1702Q and 1702, this is the tax paid on your net earnings. For corporations, however, note that beginning on the fourth taxable year immediately following the year in which a corporation commenced operations, there is a minimum two percent tax on gross