Late in December 2014, there has been many articles in the social media discussing the expanded the list of de minimis benefits exempted from income tax on compensation, to include benefits under collective bargaining agreements (CBAs) and productivity incentive schemes. The inclusion of this additional item was described as “a fitting gift to our workers in this holiday season”. It is said as well that expanding the list of tax-exempt de minimisbenefits was one of the demands of labor at the dialogue with the President in the last Labor Day commemoration in May 2014
A post from the Official Gazette of the Republic of the Philippines was well-shared in the social media, but what exactly are included in the expanded list?
On January 5, 2015, the Bureau of Internal Revenue issued Revenue Regulations (RR) No. 1-2015 to further amend previously issued regulations covering de minimis benefits to include: