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Fringe Benefits Outline:

-kinds of FB (10) >>cost of airplane tickets (3)


-imposition of fringe benefits (1b,2,3) >>documentary evidences
-determination of grossed-up monetary value (GMoVa) >>traveling expenses of employee’s family
-coverage of FB (3) members
-determination of amount subject to FB tax (2)
-guidelines for valuation of FB (3)
Educational Assistance to employee or his dependents
Housing Privilege -valuation
-valuation of housing privilege >>in general
>>leased >>for convenience and furtherance of
>>owned employer’s tarde or business
>>purchased on installment >>educational assistance to employee’s
>>purchased and transferred (ownership) dependents
>>transferred at less than acquisition cost
>>housing privilege for military officials
>>housing unit adjacent to business Household Expenses
establishment or factory
>>temporary housing for an employee Membership Fees

Holidays and Vacation Expenses


Expense Accounts
-valuation of expense account Insurance Premiums
>>in general
>>expenses paid by employee, reimburse by
employer
>>personal expenses paid or reimbursed by
employer FB received by certain individuals
>>representation and transportation allowance >>nra not engaged in trade or business in the
which are part of employee’s compensation philippines
income >>alien individual employed by regional or area
headquarters and regional operating
headquarters of a multinational company
Motor Vehicle >>alien individual employed by an offshore
-valuation of motor vehicle banking unit of a foreign bank established
>>purchased by employer in the Philippines
>>cash given by employer to purchase >>alien individual employed by a foreign service
(transferred) contractor or subcontractor engaged in
>>purchase on installment (transferred ) petroleum operations in the Philippines
>>portion of purchase price shouldered >>any of its Filipino employees employed and
(transferred) occupying the same position as those occupied
>>fleet of motor vehicles owned and or held by aforesaid alien employees
maintained >>FB received by employees in special
>>fleet of motor vehicles leased economic zones (including clark special
>>use of yacht economic zone and subic special economic
>>use of aircraft (including helicopter) and free trade zone

FB not subject to FB Tax (6)


Interest on Loan at less than Market Rate
-valuation De minimis benefits (11)
>>benchmark interest rate
Tax Accounting for FB and Tax Due

Expenses for Foreign travel


-valuation
>>attendance at business meetings or
Conventions

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