FOR SEMIS

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Cards (11)

  • Filipino employees of foreign governments, international missions, and organizations are taxable as a rule except only to employees of the following organizations:
    1. United Nations (UN)
    2. Specialized Agencies of the United Nations
    3. Australian Agency for International Development (AUSAID)
    4. Food and Agriculture Organization (FAO)
    5. World Health Organization (WHO)
    6. United Nations Development Programme (UNDP)
    7. International Organization for Migration (IOM)
    8. International Seabed Authority (ISA)
  • The term de minimis benefit was restricted under RR5-2011 and RR11-2018
  • De minimis benefit under RR5-2011 & RR11-2018

    • Monetized unused vacation leave credits of private employees not exceeding 10 days during the year
    • Monetized unused vacation and sick leave credits paid to government officials and employees
    • Medical cash allowance to dependents of employees not exceeding 1500 per sem or 250 per month
    • Rice subsidy - not exceeding 2000 per month
    • Uniform and Clothing Allowance - not 6,000/annum
    • Actual Medical Assistance - not more than 10,000/annum
    • Laundry allowance - not more than 300/month
    • Employee achievement award - tangible benefit with value not more than 10,000
    • Gifts during Christmas and Major Anniversary Celebrations - not more than 5,000 per annum
    • Daily meal allowance for overtime work and night or graveyard shift - not more than 25% of the minimum wage of the region
    • CBA and Productivity Incentive Scheme - not more than 10,000
  • Additional compensation under current tax rules:
    1. Overtime pay
    2. Hazard pay
    3. Night shift differential pay
    4. Holiday pay
    5. Commissions
    6. Fees, including director's fees (if director is an employee)
    7. Emoluments and Honoraria
    8. Taxable retirement and separation pay
    9. Value of living quarters or meals
    10. Gains on exercise of stock options
    11. Profit sharing and taxable bonuses
  • Characteristics of the Regular Income Tax
    1. General coverage
    2. Net income tax
    3. Annual tax
    4. Creditable Withholding tax
    5. Progressive or proportional tax
  • Form 1700 - Purely employed taxpayer
  • Form 1701A - Purely in business or professional using OSD or opting to the 8% optional income tax
  • Form 1701 - Mixed income earners, Estates, and Trusts
  • Form 1702-RT - Corporations subject only to the 25% regular income tax
  • Form 1702-MX - Corporations subject to special rate or a combination of tax rates
  • Form 1702-EX - Exempt corporations with no tax due