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Tag - TRAIN Law

12 Apr

Train Law and its Impact on Employee Compensation and Benefits

TRAIN Law or R.A. 10963 was passed which changed the landscape of taxation of employee compensation. At least for those whose monthly basic income ranges from the minimum up to PhP20,833.00. There are other significant impact of the TRAIN Law like the increase in the ceiling of 13th month pay and other benefits. However, it is the change introduced in the monthly withholding and new tax rate that is more considerable since the working man feels it every pay day. Employees [...]

By Labor Law, Tax Law 8 Comments Read more...
06 Dec

Health Card Premiums Remain Non-Taxable

Health card premiums tax has been the major concern of employers with the issuance of RMC 50-2018. Based on said RMC, the health card premiums paid by the employer for all employees, whether rank-and-file or managerial/supervisory, under a group insurance should be included as part of other benefits of these employees which are subject to the PhP90,000.00 threshold. However, individual premiums (not part of group insurance) paid for selected employees holding managerial or supervisory functions are considered “fringe benefits” subject [...]

By Tax Law , , 13 Comments Read more...
17 Nov

Tax Rates Options For Professionals, Self-Employed And Mixed-Income Earners Under The Train Law

Tax rates available for individuals earning from self-employment/business and/or practice of profession under the TRAIN Law are those in graduated rates and 8%. The BIR issued Revenue Memorandum Order (RMO) 23-2018 to prescribe policies, guidelines and procedures in availing of the eight percent (8%) income tax rate option of individuals earning from self-employment/business and/or practice of profession relative to the implementation of the Republic Act No. 10963. In the form of policies and guidelines, the RMO 23-2018 provides that in general, [...]

By Tax Law 9 Comments Read more...
04 May

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 [...]

By Tax Law , , , 28 Comments Read more...
27 Apr

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, [...]

By Labor Law, Sample Forms, Tax Law , , 12 Comments Read more...
02 Mar

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. [...]

By Labor Law, Tax Law , , , 13 Comments Read more...
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