The benefits given in excess of the maximum amount allowed as “de minimis” benefits shall be included as part of “other benefits” which is subject to the P90.000.00 ceiling. Any amount in excess of the P90,000 sha11 be subject to income tax, and consequently, to the withholding tax on compensation. Example: Ms. A received annual…
Continue ReadingWhat shall be the tax treatment of the “de minimis” benefits given to employees which are beyond the prescribed amount of benefits?
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What are the benefits c1assified/considered as “de minimis”? Are there any updates in the amount of “de minimis” benefits?
As of january 1, 2018, the following are the “de minimis” benefits: a. Monetized unused vacation leave credits of private employees not exceeding ten (10) days during the year; b. Monetized value of vacation and sick leave credits paid to government officials and employees; c. Medical cash allowance to dependents of employees not exceeding PI…
Continue ReadingIs there a change in the non-taxability of “de minimis” benefits under the TRAIN Law?
No. there is no change in the tax treatment for “de minimis” benefits. It is still considered as compensation not subject to income tax and consequently, not subject to withholding tax, and neither to fringe benefit tax.
Continue ReadingUnder the TRAIN Law, Is there no change in the mandatory deductions such as SSS, PHIC, Pagibig, etc from Gross Compensation of Employees? Please clarify.
There is no change in the mandatory deductions from gross compensation of employees. The allowed deductions are the employee’s share in the SSS, GSIS, Philhealth and Pag-ibig contributions (limited to compulsory contributions) as well as the union dues. They are deductible to arrive at the taxable compensation income.
Continue ReadingAre the personal exemption and additional exemption still the same under the TRAIN law?
The personal and additional exemptions previously, provided under Section 35 of the 1997 Tax Code, as amended, have been removed under the TRAIN Law. Starting January 1, 2o18, said exemptions of individual taxpayers were replaced with the first P250,000 of taxable income which is now subject to zero percent (0%) rate of income tax, practically exempting such…
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when they are checking whether your business is complying with its Tax obligations,