Providing clarity and security in audit and taxation cases
Providing large corporations and individuals tailored-fit service and expertise in the management of their legal matters – particularly complex audit and taxation cases – is LMA Law, first founded in 2015 by Atty. Ma. Louella ‘Peaches’ M. Aranas.
“When people hear the words ‘tax’ and ‘taxation,’ they are daunted by it. It may seem overwhelming, but given our expertise in the matter, we can break down challenges and provide clear and comprehensive solutions to help benefit your company. I find taxation very interesting, and if done correctly, tax liabilities in the Philippines are actually fair,” begins Atty. Aranas.
Atty. Aranas, prior to establishing her own law firm, began her professional career in the tax division of SGV & Co. where she worked for 10 years. She further honed her talents and deepened her knowledge and experience in corporate and taxation law, working for KPMG Philippines for another 1 year and a half. In 2016, she invited a good friend Atty. Ronald Steven ‘Ron’ Arriesgado, to become a partner in LMA Law, of which she now serves as its Managing Partner.
BESPOKE LAW SERVICES
LMA’s specialized ‘bespoke’ services primarily deal with tax and corporate law. Under taxation law, the firm has further specialized areas in international taxation law and transfer pricing, which is unique to only a handful of Philippine lawyers including Atty. Arriesgado, who, prior to working at LMA, spent 17 years with SGV & Co.
“Because we are a boutique tax firm, we do not get the run of the mill tax questions. Though we cater to the regular and typical tax issues, we welcome the harder, more complex cases when it comes to taxation and audit,” says Atty. Arriesgado. He proudly adds that their partners and a team of young, passionate associates are equipped with the knowledge and experience to tackle even the most complex cases.
Apart from this, LMA also offers estate planning to minimize inheritance tax for the heirs, reduce tax burdens, and avert settlement disputes among family members. Atty. Aranas insists Philippine taxation is neither confiscatory nor overly burdensome in this regard. “As taxation experts, we help you simplify and find the most cost-efficient means to deal with your tax challenges,” she adds. In addition, LMA also can appear before the Bureau of Internal Revenue (BIR) in case of refunds, audits, documentation, and other tax matters required, as the firm provides a full tax service to their client.
For its corporate practice, LMA aids in the structuring and registration of companies, to corporate secretarial services, and everything else in between until the closure or cessation of a business. In addition to this, LMA advices on company reorganization and foreign investments. “We analyze the operations of the company in terms of their finances and business operations, particularly the areas that must be discontinued, separated, compartmentalized, or consolidated, and such to increase the efficiency of the corporation,” she says. She often advises clients to review and evaluate their operations and business transactions every 10-years as “more than likely, there are ways we can further improve their tax efficiency.”
Furthermore, the firm’s comprehensive knowledge of the Foreign Investments Act comes to play in advising foreigners of specific incentives gained from registration either with the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) including the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) which has seen more applications recently. LMA also apprises their foreign clients of the economic activities prohibited or limited to foreign investors contained in the negative list, and they study the best business vehicle and corporate transactions for their foreign clients.
THE BOUTIQUE FIRM
“We refer to ourselves as a boutique firm, because, while we are small, we are experts in what we do and we ‘tailor fit’ according to the needs of our clients,” Atty. Aranas states. “It’s never one size fits all. Each corporation has unique set ups so we treat each client differently,” Atty. Arriesgado adds. As a boutique firm, the partners wish to retain the optimum size they currently have, with a solid roster of 2 partners and 4 associate lawyers. “We do not want to grow in size, but rather, grow to enhance our skills and capabilities,” says Atty. Arriesgado.
Atty. Aranas insists on the small operations to maintain their level of personalized care, focus, and expertise for each client. As a result, each case is dealt with quickly, directly, and personally by the partners instead of being hindered by many administrative levels found in big firms. “Each of us takes ownership over the jobs we are handling. We believe that if there is a sense of ownership, we are bound to take greater care of it, and become invested in that role. Our reputation, credibility, and integrity become part and parcel of it,” Atty. Aranas explains.
THE BRAND LEGACY
Taxation need not be feared. “The reason why people fear tax is because they don’t understand it. It is high time that we teach the youth the basics of taxation so that when they grow to adulthood, taxation will be something mundane as paying for necessities” says Atty. Aranas. The initiative is to create short video clips of introduction to taxation as well as very basic courses on income tax, value-added tax and estate taxes. “We hope to have traction among our youth, we hope to use this to make them both nationalistic and patriotic. After all, taxes are the lifeblood of our country” she adds.
Outside of taxation, and eager to extend their care beyond just their clients, LMA Law also recently began a small outreach program that has, to date, helped 3,190 children in eight different communities, from Luzon to the Visayas.
Seeking to combat dengue, the firm helps mothers everywhere and teaches children how to be responsible and to take better care of themselves against the aedes aegypti. In these outreach programs, LMA gives out slippers and medical kits, with end-point prick tests so that communities can easily test for dengue. The firm keeps in touch with the same communities to ensure the sustainability of its program.
In addition, the firm’s efforts have led to a children’s storybook on dengue written by award-winning author Heidi Abad. “What started out as a small venture, with just 10 or so children, has now reached over 3,000. I want to continue what we’ve started and I look forward to helping more children and touching more lives,” Atty. Aranas declares.
LMA Law continues to thrive as a boutique firm standing out from other firms owing to its mastery of tax and corporate law. “That’s our brand–we’re a boutique firm handling the tougher tax law questions,” says Atty. Arriesgado.
As the firm steadily grows, the lawyers of the firm carry on serving their clients with their level of expertise, efficiency, and diligence at costs affordable to their clients. “We become partners with our clients in terms of owning the job, owning the engagement, owning the problem. And we proudly carry out our duties with a high degree of professionalism and collaboration, producing an optimal workforce that can perform and deliver, regardless of the many tasks required.
“With over 20-years of experience in the industry, we are confident that clients will grow and succeed with LMA Law watching their backs” Atty. Aranas ends.
ADVT
