11/03/2023
Concept of ethical business Practices
- When working in a business, we are always expected to be professional and know what we are doing. That is where business ethics comes in. Business ethics is taught in order for everything in a business to be maintained, mainly from the workers. To mention a few business ethics, there is Obeying your company’s rules and regulations, being responsible with your actions, respecting one another, being professional and many more. When business ethics is applied, this can guarantee a smooth outcome of the day because you are aware what to do when dealing with certain situations and how to act around others.
Importance of ethical business strategies
- This is important because this test the loyalty and personality of your workers and other people around you in the business. This determines their strength and their weakness when it comes to being professional and seeing if they are willing and able to change for not just the company’s sake but for theirs too.
Laws, codes, and regulations related to business:
Laws
1. Tax Reform Act of 1997 (Republic Act No. 8424)
2. Labor Code of the Philippines (Presidential Decree No. 442)
3. Social Security Act of 1997 (R.A No. 8282)
4. National Health Insurance Act of 1995 (R.A. No. 7875)
5. Food and Drug Administration (FDA) Act of 2009 (R.A. No. 9711)
Regulations
1. Tax Code
2. Employment and Labor Law
3. Antitrust Law
4. Advertising
5. Email Marketing
6. Environmental Regulations
7. Privacy
8. Licensing and Permits
9. Insurance
10. Reporting Pay Data
11. Collecting Sales Tax