Tag - De Minimis Benefits

Sample De Minimis Benefits of Employee with PhP20,000 Monthly Salary

The term “De Minimis” benefits (DMB) which are exempt from the fringe benefit tax and income tax shall, in general, be limited to facilities or privileges furnished or offered by an employer to his employees that are of relatively small value and are offered or furnished by the employer merely as a means of promoting the health, good- will, contentment, or efficiency. (See page 103, Tax Solutions on Employee Compensation and Benefits 2nd Edition [Aligned with TRAIN Law], 2019 [...]

De Minimis Benefits Utilization: Illustrating Salary Adjustments Based On NCR Wage Order No. 22 (Php537)

De Minimis benefits which are exempt from the fringe benefit tax and income tax shall, in general, be limited to facilities or privileges furnished or offered by an employer to his employees that are of relatively small value and are offered or furnished by the employer merely as a means of promoting the health, goodwill, contentment, or efficiency. It literally means small amount. The list was amended and made exclusive by RR 5-2011. Additional P10,000 annual benefit was added by [...]

De Minimis Benefits (Certain Items) Increased under RR 11-2018

De Minimis Benefits (DMB) are among those sources of compensation income which are exempt from tax. Most employers rely on these benefits to augment the net pay of their employees. Grab a copy of the newly released title Tax Solutions on Employee Compensation and Benefits (under TRAIN Law), 2nd Edition 2019 by Atty. Villanueva Recently, Revenue Regulation No. 11-2018, implementing the provisions of R.A. 10963 or the TRAIN Law increased certain items of the De Minimis Benefits. It further amended Section 2.78.1 [...]

Allowance and its Labor and Tax Implications

Allowance is generally used by employers as means to augment the take home income of employees hoping to avoid impacting on basic salary and/or paying the tax. However, it is not as simplistic as that. Grab a copy of the newly released title Tax Solutions on Employee Compensation and Benefits (under TRAIN Law), 2nd Edition 2019 by Atty. Villanueva Allowance can take several forms. It may be regular part of compensation or given occasionally. It can serve various purposes like transportation, communication, [...]

De Minimis Benefits Remain to be Exempt under the TRAIN Law

De Minimis Benefits (DMB) are exempt from the fringe benefit tax and income tax shall, in general, be limited to facilities or privileges furnished or offered by an employer to his employees that are of relatively small value and are offered or furnished by the employer merely as a means of promoting the health, goodwill, contentment, or efficiency. Grab a copy of the newly released title Tax Solutions on Employee Compensation and Benefits (under TRAIN Law), 2nd Edition 2019 by Atty. [...]

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