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2.
Copyright 1994-2015
Taxation 2014
2.
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Taxation 2014
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Taxation 2014
Section 33(C)(4) of the 1997 Tax Code states that de minimis benefits are
not subject to fringe benefit tax. This is further implemented by Section 2.33(C) of
Revenue Regulations No. 3-98 (supra), which states that:
"(C) Fringe Benefits Not Subject to Fringe Benefits Tax In
general, the fringe benefits tax shall not be imposed on the following fringe
benefits:
(1) Fringe benefits which are authorized and exempted
from income tax under the Code or under any special law;
(2) Contributions of the employer for the benefit of the
employee to retirement, insurance and hospitalization benefit plans;
(3) Benefits given to the rank and file, whether granted
under a collective bargaining agreement or not:
(4)
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Copyright 1994-2015
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Taxation 2014
On the basis of the foregoing, BIR Ruling No. DA-364-03, dated October
13, 2003, states that:
"The following shall be considered as de minimis benefits not subject
to income tax as well as withholding tax on compensation income of both
managerial and rank and file employees:
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Taxation 2014
Copyright 1994-2015
Taxation 2014