We are revisiting the employees’ nontaxable portion of compensation, that is, the de minimis benefits. As provided for in Section 2.79(D)(3)(b) of Revenue Regulations (RR) No. 02-98, as amended, de minimis benefits are facilities or privileges given or offered by an employer to its employees, provided such facilities or privileges are of relatively small value […]
Read More »Are you self-employed? You are self-employed if your income arises from the conduct of trade or business and/or practice of profession. As a self-employed individual, the following are the allowable ITEMIZED Deductions from your gross income: 1. Salaries and wages 2. Rental 3. Communication Expense 4. Office Supplies 5. Travel expenses 6. Gasoline and Toll […]
Read More »General guide in the preparation of Annual Income Tax Return (ITR) for taxpayers, accountants, and tax agents in the Philippines. Annual ITR with accounting period ending December 31 are due for filing with attached Audited Financial Statements (AFS) not later than April 15. Gather Certificates of Creditable Tax Withheld at Source (BIR Form 2307) Withholding […]
Read More »a) Professional fees / talent fees for services rendered by the following: – Those individually engaged in the practice of profession or callings such as lawyers,certified public accountants, doctors of medicine, architecs, engineers and all other professionals who have undergone licensure examinations regulated by the Professional Regulations Commission, Supreme Court, etc. – Professional entertainers such […]
Read More »By Vincent Perdiguez A company might give special benefits to its employees in addition to their basic salaries and wages. It may formulate new policies for the provision of such benefits to its employees, or the benefits may have been provided in the contract of employment. These additional benefits are called fringe benefits. Fringe benefits […]
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