Advertisements
//
you're reading...
Tax Updates

Additional P10,000 nontaxable De Minimis Benefits effective January 1, 2015

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:

Click here to read more of this post….

Advertisements

About leecpa

Orlando Calundan is a Certified Public Accountant. He has exposures in audit of financial statements of entities in various industries such as real estate, food (quick service restaurants), manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements. http://calundan.co

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Advertisements

Join the Social Network

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 1,231 other followers

Need an Accounting System?

Post Archives

Site Views

  • 572,041 views
%d bloggers like this: