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Hi, Gabbies!
I’d like to clarify in which compensation category (income tax on compensation purposes) does the 5,000 cash gift, that govt employees will be receiving not earlier than Nov. 15, fall under?
Is it included sa 13th month pay and other benefits (90k threshold), or under de minimis benefits? Please hide my identity. Thank you very much and more power.
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What are considered De Minimis Benefits: http://bit.ly/GABOTAFDeMinimisBenefits
12 Non-Taxable Compensation of Government Employees: http://bit.ly/GABOTAF12NonTaxableCompensation
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Deminimis benefit exempt from tax. Mid year bonus + year end bonus if more than 90k, excess of 90k taxable under other income in excess of 90k.
In our agency, gifts given during Christmas like Cash Gift not exceeding ₱5,000 per employee per annum are considered as De Minimis Benefits.
I’m hoping sana maibalik ang additional exemption for qualified dependents
I agree