JOC Accounting and Business Consultancy Inc.

25/06/2024

09/07/2023

07/02/2021

One million Xero subscribers are making the world a more beautiful place. No matter where they are, one small business at a time. Want to join them?

16/11/2019

20/08/2019

https://news.mb.com.ph/2019/08/15/sc-rules-membership-fees-from-recreation-clubs-not-subject-to-income-tax-vat/

The Supreme Court (SC) has ruled that membership fees, assessment dues, and other fees collected by clubs which are organized and operated exclusively for pleasure, recreation, and other non-profit purposes are not subject to income and value-added taxes.

19/08/2019

Taxation Laws - De Minimis Benefits

The following are de minimis benefits EXEMPT from Income Tax as well as to Withholding Tax:

1. Monetized VL credit for private employees not exceeding 10 days,
2. Monetized VL/SL credit for government employees,
3. Medical cash allowance to dependents of employee not exceeding P1,500 per semester or P250 per month per month,
4. Rice subsidy of 1 sack not exceeding P2,000 per month,
5. Uniform and Clothing Allowance not exceeding P6,000 per annum,
6. Actual yearly Medical Benefits not exceeding P10,000 per annum,
7. Laundry allowance not exceeding P300 per month,
8. Employee Achievement Awards not exceeding P10,000,
9. Gifts given during Christmas and Major Anniversary Celebration not exceeding P5,000 per annum,
10. Daily Meal Allowance for OT not exceeding 25% of the basic minimum wage,
11. Benefits received by an employee by virtue of CBA and Productivity Scheme not exceeding P10,000 per annum.

Legal Basis:
RR No. 11-2018, Implementing TRAIN LAW
RR No. 01-2015
RR No. 08-2012
RR No. 15-2011