Ask us anything

COUNTRIES, STATES, AND CITIES FILIPINO LANGUAGE AND CULTURE MORE

GO

Sign In | Sign Up English

Answers.com > Wiki Answers > Categories > Travel & Places > Countries, States, and Cities > Philippines > De minimis benefit in the Philippines?

Jhen Jhen Delos Santos, Kunal Kanase and 2 others use Answers.com.

De minimis benefit in the Philippines?

Answer:
De minimis benefits are benefits in the nature of facilities or privilege furnished or offered by an employer to his employees that are of relatively small value, and are offered or furnished by the merely as a means of promoting the health, goodwill, contentment, or efficiency of his employees. The BIR exempts de minimis benefits pursuant to Revenue Regulations (RR) No. 3-98, as amended. Examples of de minimis benefits include contributions of the employer for the benefit of the employee to retirement, insurance and hospitalization benefit plans; or certain benefits given to rank and file, whether granted under a collective bargaining agreement or not; or de minimis benefits; or fringe benefits to the employee which is granted is required by the nature of or necessary to the trade, business or profession of the employer; or such grant of the benefit or allowance is for the convenience of the employer. The BIR sets a limit on the value of tax-exempt de minimis benefits. Under RR 8-00, as amended by RR 10-00, the BIR considers the following as de minimis benefits: 10 days monetized unused vacation leave credits; medical cash allowance to dependents of employees not exceeding P750 per semester or P125 per month; rice subsidy of P1,000.00 or one-sack of rice per month; uniforms and clothing allowance not exceeding P3,000.00 per year; medical benefits not exceeding P10,000.00; laundry allowance of P300 per month; employee achievement awards in the form of tangible personal property other than cash or gift certificate, with an annual monetary value not exceeding P10,000 received by the employee under an established written plan; flowers, fruits, books or similar items given to employees under special circumstances, e.g. on account of illness, marriage, birth of a baby, etc.; and daily meal allowance for overtime work not exceeding 25% of the basic minimum wage.

See what questions your friends are asking today. Legacy account member? Sign in.

Categories
Countries, States, and Cities Filipino Language and Culture Philippines Economics Philippines Ecosystems Philippines Entertainment and Arts

Con sidering that it is almost nin e years since they were last adjusted in 1998, the BIR may consider increasing the amount of de minimis benefits specified under its regulations to make them more realistic. Employees are completely captured by the tax net under the withholding tax system and they do not enjoy any additional deductions in computing their taxable income. The government should not deny salaried workers of the little privilege they will enjoy from higher tax-exempt de minimis benefits.

Improve this Answer...

Answer History

More on: Philippines

What are the department of Philippine?

Top Questions
The historical beginning of psychology here in Philippines?
DateEvents/Persons1901-1910As early as 1910, two years after the University of the...

DepartmentAcronymCreationWebsiteDepartment of Agrarian Reform Kagawaran ng Repormang PansakahanDAR (KRP)September 1,... more

Nyka Ako

Viviene

The 4 types of climate in the Philippines?

Negative values of filipino?

Negative Filipino Values more
Athina P

Joi Guti

Allen + Clarke
www.allenandclarke.co.nz

Policy and Regulatory Specialists Public Sector Managements Experts

Ask a Tax Advisor Online

Law.JustAnswer.com/Income-Tax A Lawyer Will Answer in Minutes! Questions Answered Every 9 Seconds.

Invest Hong Kong

www.investhk.gov.hk Want to set up a business in HK? Free advice from HK Government

More Results for De minimis benefit in the Philippines:

Benefit
Find Employee Benefits. Your Business Solution Business.com

www.business.com

More Results for De minimis benefit in the Philippines:

Benefit Of
Search for Benefit Of. Find Expert Advice on About.com.

About.com/Benefit Of

Exotic Philippine Women

Browse 100s Photo & Video profiles. Find the One in Philippines!

AsianBeauties.com
A ds by C hitika

Answers Properties
Answers

Company
About Careers

Community
Guidelines Reputation

Updates
Email Watchlist

Wiki Answers Video Answers Guides Coupons ResellerRatings Local Answers Online Answers Shop Answers Surveys Blog Sitemap

Terms of Use Privacy Policy IP Issues Disclaimer

International sites English

Roles Help

RSS

Deutsch

Espaol

Franais

Italiano

Tagalog

Copyright 2013 Answers Corporation