AGRARIAN REFORM, TAXATION, AND CURRENT ISSUES ACRONYMS

1. AL (Affidavit of Loss) - A written statement that declares the physical loss of a security, typically through destruction or theft. The affidavit contains all of the details regarding the particular loss, including the owner's name and any information that pertains to the security such as its serial number or date of issue. Once this statement has been made, one may issue a letter of indemnity that requests the replacement of that security. 2. BIR (Bureau of Internal Revenue) - is an attached agency of Department of Finance. BIR collects more than one-half of the total revenues of the government. 3. BIR FORM NO. 1706 - Account Information Form (AIF) for Self-employed Individuals, Estates and Trusts (engaged in trade and business) Description: A revised form designed in line with the BIR Integrated Tax System (ITS) to be used as attachment to BIR Form No. 1701 and to be accomplished by self-employed individuals, estates and trusts engaged in trade and business, which shall contain the taxpayer's business profile information and other relevant data to be lifted from the Audited Financial Statements. BIR Form 1701 AIF is not, however, required for individual taxpayers who orpted for Optional Standard Deduction (OSD). Filing date: This form is filed on or before April 15 of each year covering income for the preceding taxable year 4. BIR FORM NO. 1801 - Estate Tax Return 5. BIR FORM NO. 1904 - Application for Registration for One-Time Taxpayer and Persons Registering under E.O. 98 (Securing a TIN to be able to transact with any Government Office) Description: This form is to be accomplished by one-time taxpayer and persons registering and applying for a TIN (E.O. 98). To be accomplished with the RDO having jurisdiction over the place where property is located for one time taxpayer; or place of residence for applicants under E.O. 98. Filing Date: Before payment of any tax due/before filing of return or before the issuance of TIN under E.O.98.

6. BIR FORM NO. 2000 -

Documentary Stamps Tax Declaration / Return

Description: This return is filed by the following: 1. In the case of constructive affixture of documentary stamps, by the person making, signing, issuing, accepting, or transferring documents, instruments, loan agreements and papers, acceptances, assignments, sales and conveyances of the obligation, right or property incident thereto wherever the document is made, signed, issued, accepted or transferred when the obligation or right arises from Philippine sources or the property is situated in the Philippines at the same time such act is done or transaction had; 2. by a metering machine user who imprints the documentary stamp tax due on the taxable document; and 3. by a revenue collection agent for remittance of sold loose documentary stamps. Whenever one party to the taxable document enjoys exemption from the tax herein imposed, the other party thereto who is not exempt shall be the one directly liable for the tax. Filing date: To (EFPS) Not applicable

For A) Nonlarge Taxpayer

From Within 10 days after the close of the month when the taxable document was made, signed. accepted or transferred Within 10 days after the close of the month when the taxable document was made, signed. accepted or transferred

To (Manual) Within 5 days after the close of the month when the taxable document was made, signed. accepted or transferred Within 5 days after the close of the month when the taxable document was made, signed. accepted or transferred

B) Large Taxpayer

Not applicable

7. BOC (Bureau of Customs) - is the revenue enhancement bureau under the Department of Finance responsible for international trade facilitation and regulation and collection of import/export duties at all Philippine ports. It is currently under the leadership of Commissioner Rozzano Rufino B. Biazon. 8. CAR (Certificate Authorizing Registration) issued by the BIR to effect the transfer of ownership over real property 9. CGT (Capital Gains Tax) - is a tax on capital gains, the profit realized on the sale of a noninventory asset that was purchased at a cost amount that was lower than the amount realized on the sale. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a capital gains tax and most have different rates of taxation for individuals and corporations.

10. DST (Documentary Stamp Tax) - is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. 11. CLOA (Certificate of Land Ownership Award) - evidence of ownership of the land by a farmer beneficiary or which contains the restrictions and conditions provided under RA 6657, recorded in the Register of Deeds (ROD) concerned and annotated on the Certificate of Title (Sec. 25, RA 6657). 12. DAR (Department of Agrarian Reform) - is the executive department of the Philippine Government responsible for all land reform programs in the country. 13. DARAB Department of Agrarian Reform Adjudication Board. 14. Deed of Assignment Agreement under which some or all assets of an insolvent debtor are assigned to a trustee, for selling them and distributing the sale proceeds equitably among the creditors. 15. DENR (Department of Environment and Natural Resources) - is the main department of the Philippine government responsible for supervising and managing the different programs and implementing rules governing the use and development of the country's natural resources. 16. DFA (Department of Foreign Affairs) - is the executive department of the Philippine government tasked to contribute to the enhancement of national security and the protection of the territorial integrity and national sovereignty, to participate in the national endeavor of sustaining development and enhancing the Philippines' competitive edge, to protect the rights and promote the welfare of Filipinos overseas and to mobilize them as partners in national development, to project a positive image of the Philippines, and to increase international understanding of Philippine culture for mutually-beneficial relations with other countries. 17. Donor - in general is a person who donates something voluntarily 18. DOS (Deed of Sale) - open deed of sale is a contract between buyer and seller. If there is no name of the seller on the deed of sale, that is open deed of sale. 19. DT-(Donor Tax) - is a tax on a donation or gift, and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. 20. DTI-( Department of Trade and Industry) - is the executive department of the Philippine Government tasked to expand Philippine trade, industries and investments as the means to generate jobs and raise incomes for Filipinos. It acts as catalyst for intensified private sector activity in order to accelerate and sustain economic growth through comprehensive industrial growth strategy, progressive and socially responsible trade liberalization and deregulation programs and policymaking designed for the expansion and diversification of Philippine trade both domestic and foreign.

21. Encumbrance - A burden, obstruction, or impediment on property that lessens its value or makes it less marketable. An encumbrance (also spelled incumbrance) is any right or interest that exists in someone other than the owner of an estate and that restricts or impairs the transfer of the estate or lowers its value. This might include an Easement, a lien, a mortgage, a mechanic's lien, or accrued and unpaid taxes. 22. Encroachment - A situation in real estate where a property owner violates the property rights of his neighbor by building something on the neighbor's land or by allowing something to hang over onto the neighbor's property. Encroachment can be a problem along property lines when a property owner is not aware of his property boundaries or intentionally chooses to violate his neighbor's boundaries. 23. Heirs - A person who inherits or is entitled by law or by the terms of a will to inherit the estate of another. A person who succeeds or is in line to succeed to a hereditary rank, title, or office.One who receives or is expected to receive a heritage, as of ideas, from a predecessor. 24. Immigration - is the movement of people into another country or region to which they are not native in order to settle there.Immigration is a result of: including temperature, breeding, economic, political, family re-unification, natural disaster, poverty or the wish to change one's surroundings voluntarily. 25. IT- (Inheritance Tax)- or estate tax is a levy paid by a person who inherits money or property or a tax on the estate (total value of the money and property) of a person who has died. In international tax law, there is a distinction between an estate tax and an inheritance tax: an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the beneficiaries of the estate 26. JV-( Joint Venture) - is a business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets. There are other types of companies such as JV limited by guarantee, joint ventures limited by guarantee with partners holding shares. 27. Judge - is an official who presides over court proceedings, either alone or as part of a panel of judges. The powers, functions, method of appointment, discipline, and training of judges vary widely across different jurisdictions. The judge is supposed to conduct the trial impartially and in an open court. The judge hears all the witnesses and any other evidence presented by the parties of the case. 28. LA - (Lead Assignment)- Assigning responsibility to one or more members of the sales team to handle the leads is a critical component of the lead management solution. 29. LGU (Local Government Units) -According to the Constitution, the LGUs "shall enjoy local autonomy", and in which the president exercises "general supervision". Congress enacted the Local Government Code of 1991 "which shall provide for a more responsive and accountable local government structure instituted through a system of decentralization with effective

mechanisms of recall, initiative, and referendum, allocate among the different local government units their powers, responsibilities, and resources, and provide for the qualifications, election, appointment and removal, term, salaries, powers and functions and duties of local officials, and all other matters relating to the organization and operation of local units. 30. Lis pendens -is Latin for "suit pending. This may refer to any pending lawsuit or to a specific situation with a public notice of litigation that has been recorded in the same location where the title of real property has been recorded. 31. LRA- ( Land Registration Authority) is the agency mandated by Philippine laws with the task of preserving the integrity of the land registration process and protecting the sanctity of the Torrens Title. It is the central depository of all lands records and through its Registry of Deeds offices nationwide, that all records are kept of its instruments affecting registered and unregistered lands as well as chattel mortgages affecting movable properties. 32. LTFRB- (Land Transportation Franchising and Regulatory Board)- is an agency of the Philippine government under the Department of Transportation and Communications responsible for promulgating, administering, enforcing, and monitoring compliance of policies, laws, and regulations of public land transportation services. 33. LTO (Land Transportation Office)- is an agency of the Philippine government under the Department of Transportation and Communications responsible for optimizing the land transportation service and facilities and to effectively implement the various transportation laws, rules and regulations. 34. MARO (Municipal Agrarian Reform Officer)35. Master Degree of Condominium- is the instrument that is used by a condominium developer (sponsor) to convert a single property to a scheme of individually owned units in multi-unit buildings that share an ownership in common areas. All unit owners and sponsors must follow the provisions, rules and regulations set forth in the Master Deed. The Master Deed is subject to statutory provisions and reflects the condominium laws in each state. 36. Mechanics Lien- is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property, it is called by various names, including, generically, construction lien. 37. MV- (Market Value) - is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and may differ in some circumstances.

38. OCT - (Operation Cost Target) - The maximum amount that an organization has decided to spend on all aspects of a project. The operational cost target can be used to construct a budget for the project, by allocating the total allocated amount to the functional elements of the project such as labor, materials, equipment, and overhead.

39. ONNETT 40. OR 41. PD (Public Domain) - are those whose intellectual property rights have expired, have been forfeited , or are inapplicable. Examples include the works of Shakespeare and Beethoven, The King James Bible, most of the early silent films, the formulae of Newtonian physics, and the patents on powered flight. The term is not normally applied to situations where the creator of a work retains residual rights, in which case use of the work is referred to as "under license" or "with permission". 42. Republic Act no.6657 - AN ACT INSTITUTING A COMPREHENSIVE AGRARIAN REFORM PROGRAM
TO PROMOTE SOCIAL JUSTICE AND INDUSTRIALIZATION, PROVIDING THE MECHANISM FOR ITS IMPLEMENTATION, AND FOR OTHER PURPOSES.

43. Republic Act no.7160 - AN ACT PROVIDING FOR A LOCAL GOVERNMENT CODE OF 1991. 44. Republic Act no.8169- AN ACT GRANTING GV BROADCASTING SYSTEM, INC., A FRANCHISE
TO CONSTRUCT, INSTALL, MAINTAIN AND OPERATE FOR COMMERCIAL PURPOSES RADIO BROADCASTING STATIONS IN THE ISLAND OF LUZON AND FOR OTHER PURPOSES

45. Republic Act no.8185-AN ACT AMENDING SECTION 324 (d) of REPUBLIC ACT NO. 7160,
OTHERWISE KNOWN AS THE LOCAL GOVERNMENT CODE OF 1991.

46. (RPT) Real Property Tax - is a tax that owners of real property need to pay every year so that the local government unit (LGU) will not auction off their property. There are some investors who buy tax-delinquent real properties and participate in auctions held by LGUs, and this is one of the ways one can buy properties at low prices. We also publish schedules and lists of tax-delinquent real properties of different cities they are classified under the category taxdelinquent properties. 47. Reconstitution 48. Right of Way sometimes called an easement can be created by long-time use under statute or common law. A right of way is nothing more than the right enjoyed by the owner of one piece of land over the land of another. The right of way benefits the land to which it is attached. Like other easements, a right of way runs and stays with the land and is not in any way personal.

49. SEBIA ( 50. SPA (Special Power of Attorney) - HEREBY GIVING AND GRANTING unto our said attorney full powers and authority to do and perform all and every act requisite or necessary to carry into effect the foregoing powers, as fully to all intents and purposes as I might or could lawfully do if personally present, with full power of substitution and revocation, and hereby ratifying and confirming all that my said attorney or his substitute shall lawfully do or cause to be done by virtue hereof. 51. SP (Selling Price) - The market value, or agreed exchange value, that will purchase a definite quantity, weight, or other measure of a good or service. As the consideration given in exchange for transfer of ownership, price forms the essential basis of commercial transactions. It may be fixed by a contract (such as sale of goods contract), left to be determined by an agreed upon formula at a future date, or discovered or negotiated during the course of dealings between the parties involved. 52. Special Value Priciple - Where both seller and buyer are willing to transact a transfer of the land in question for an agreed price the prevailing principle to be applied under Australian Law is the rule in Spencer v Commonwealth(1907) 5CLR 418 . 53. TD (Technical Descripion) - Consistently, this Court has ruled that every person dealing with registered land may safely rely on the correctness of the certificate of title issued therefor and the law will in no way oblige him to go beyond the certificate to determine the condition of the property. A person is charged with notice only of such burdens and claims as are annotated on the title. Thus, where there is nothing in the certificate of title to indicate any cloud or vice in the ownership of the property, or any encumbrance thereon, the purchaser is not required to explore further than what the Torrens Title upon its face indicates in quest for any hidden defects or inchoate right that may subsequently defeat his right thereto (State Investment House, Inc. v. Court of Appeals, 324 Phil. 642 (1996).) 54. TIN (Tax Identification Number) - A number assigned to companies operating in the Philippines after they have registered with the Bureau of Internal Revenue (BIR). 55. TV (Total Value) - Sum of all expenditure liable to be incurred (such as installation, consumables, breakdown, maintenance, and final disposal) plus the purchase price of an acquisition.

56. VAT (Value Added Tax) - s a form of sales tax. It is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on

importation of goods into the Philippines. It is an indirect tax, which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services. 57. VP