Archives: Glossaries
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Optional Standard Deduction (OSD) in the Philippines
Optional Standard Deduction (OSD) in the Philippines allows a 40% deduction of gross income, simplifying tax compliance for low-expense professionals and entrepreneurs.
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What is Muqeem?
Muqeem is a vital online portal in Saudi Arabia for managing expatriates’ residency permits, enhancing HR efficiency by facilitating services like residency verification, visa management, and dependent status checks for foreign workers.
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What is Zakat?
Zakat, a mandatory Islamic almsgiving, helps redistribute wealth and reduce poverty. It involves payroll deductions, employee satisfaction, and compliance roles for HR, fostering workplace altruism and supporting religious obligations.
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What is the Nitaqat Program?
Nitaqat is Saudi Arabia’s labor nationalization program, classifying businesses based on their Saudi employee ratios. Compliance impacts operational stability, with benefits for higher-rated zones and penalties for lower ones.
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Authorized Capital Stock (ACS)
Authorized Capital Stock (ACS) is the maximum shares a Philippine corporation may issue, outlined in the Articles of Incorporation, crucial for equity capital growth and regulatory compliance.
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Singpass (Singapore Personal Access)
What is Singpass? Singpass (Singapore Personal Access) is Singapore’s official national digital identity. Think of it as a master key that allows citizens, permanent residents, and most foreign employment pass holders to securely access over 2,000 digital services offered by both government agencies and private sector organizations. It’s built around a mobile app that uses…
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Secretary’s Certificate (SEC Certificate)
A Secretary’s Certificate is a formal document confirming board decisions, essential for legal authority and facilitating business transactions.
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Philippine Government Electronic Procurement System (PhilGEPS)
PhilGEPS is the Philippine government’s online procurement portal, vital for businesses seeking contracts. It provides access to bidding opportunities, requires registration for participation, and has two membership levels.
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Fiscal Year in the Philippines (FY)
What is a Fiscal Year in the Philippines? A fiscal year is a consecutive 12-month period. Businesses use it for financial reporting and tax purposes. It does not always follow the calendar year. In fact, it can start on the first day of any month. What is the Standard Reporting Period? The default is the…
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DOLE Department Order No. 174 (D.O. 174)
What is DOLE Department Order No. 174? DOLE Department Order No. 174, Series of 2017 (D.O. 174) is the set of rules in the Philippines issued by the Department of Labor and Employment (DOLE) to govern and regulate all contracting and subcontracting arrangements. Basically, it tells businesses exactly what constitutes legitimate job contracting and, more…