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Income Taxation of Employees in the Philippines

WEBThis applies to employees who secured health and hospitalization insurance in the Philippines, with family gross income of not more than P250,000. They are allowed a …

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URL: https://taxacctgcenter.ph/income-taxation-of-employee-compensation-iphilippines/

How to Register a Non-stock Non-profit in the Philippines

WEBDetails of incorporators. To register a non-stock, non-profit corporation, you need to have the following to start with: At least five (5) incorporators, majority of them must be …

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Understanding The Non-Taxable Compensation In The Philippines

WEBThere’s no effect on the net taxable compensation unless it exceeds the PHP 90, 000 annual limit of the 13th-month pay and other benefits and unless the annual net taxable …

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RA 8424: Title II, Chapter VII – Allowable Deductions

WEBIf you are looking for the allowable deductions for income tax purposes in the Philippines, you may want to check out this webpage that explains the provisions of RA 8424: Title II, …

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Registration with the SSS, PHIC, and HDMF

WEBRegistered companies in the Philippines are required to register and submit their employees to 3 government agencies, namely, the Social Security System (SSS), Home …

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Tax Exempt De Minimis Benefits under TRAIN RA 10963 Philippines

WEBTo further appreciate the tax exemptions, below is the updated list of de minimis benefits in the Philippines both to managerial and rand-and-file employees with some items …

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Overview of Domestic Corporations in the Philippines

WEBA corporation registered and existing under the laws of the Philippines is referred to as a domestic corporation. Company registration or incorporation is necessary to establish a …

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Fringe Benefits Tax in the Philippines

WEBTaxability of Fringe Benefits. Fringe benefits provided to managerial and supervisory employees are subject to 32% fringe benefit tax and you will withhold and pay the same …

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Setting Up a Non-stock Non-profit Organization in the Philippines

WEBThe non-stock non-profit corporation must be registered with the BIR within 30 days from the date of Incorporation and obtain a Tax Identification Number (TIN), registration of …

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21 Items Subject to Expanded Withholding Tax under TRAIN RA …

WEB1. Withholding tax on professional fees, talent fees, etc. for services rendered – 5% /10% individuals or 10%/ 15% corporations (Sec. 2.57.2 (A), RR 2-98) By implications of the …

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6 Benefits Exempt from Fringe Benefits Tax in Philippines

WEB4. De minimis benefits. This are benefits of relatively small values provided by the employer to the employees for their general welfare. While they will benefit the employees, their …

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Four (4) Features of PhP90,000 Tax Exempt 13th Month Pay and …

WEB“Happy Holidays!”, one of the most common expressions we heard every December in the Philippines as the Yuletide season is fast approaching. Employees in Philippines are …

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3 Tax Deductible Expenses with Limitations in Philippines

WEBUnder this, deductible interest expense reduction will be reduced by 33% of the amount of gross income or P3,300 (33% multiplied by the quotient of P8,000 divided by 80% …

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RA 8424: Title II, Chapter IV – Tax on Corporations

WEBTitle II – Income Taxation, CHAPTER IV – Tax on Corporations SECTION 27. Rates of Income Tax on Domestic Corporation. – (A) In General. – Except as otherwise provided …

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RA 8424: Title II, Chapter VI – Computation of Gross Income

WEBTitle II – Income Taxation, CHAPTER VI – Computation of Gross Income SECTION 32. Gross Income. – (A) General Definition. – Except when otherwise provided in this Title, …

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Withholding Tax Obligations of Philhealth or PHIC

WEBSuch billings covered by Philhealth benefits shall be paid by Philhealth and as a government payor, Philhealth is required to withhold business taxes as follows: Final …

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2023 Bar Examinations Labor Law

WEBOn July 30, 2022, Felipe joined his vessel of assignment. On October 31, 2022, he was repatriated due to medical reasons and was immediately referred by MIS to its company …

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1987 Ph Constitution: Principles and State Policies

WEBSection 1. The Philippines is a democratic and republican State. Sovereignty resides in the people and all government authority emanates from them. Section 2. The Philippines …

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