strutbar Posted January 19, 2004 Share Posted January 19, 2004 may kumalat pong email d2 s company namin ganito po :ano po b talaga ang ibig ipahiwatig nito.... ========== According to this memo, Benefits are excluded in taxable income.. Para malinawagan at maintindihan natin,, Pls read on. And collaborate w/ your colleagues.. WARNING: Find this message offensive, then simply deletes it. Neither **** nor the sender doesn’t hold responsible nor accountable for its propagation. Republic Act No. 7833 AN ACT TO EXCLUDE THE BENEFITS MANDATED PURSUANT TO REPUBLIC ACT NO. 6686 AND PRESIDENTIAL DECREE NO. 851, AS AMENDED, AND OTHER BENEFITS FROM THE COMPUTATION OF GROSS COMPENSATION INCOME FOR PURPOSES OF DETERMINING TAXABLE COMPENSATION INCOME, AMENDING FOR THE PURPOSE SECTION 28((8) OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED. SECTION 1. A new sub-paragraph to be known as sub-paragraph (F) is hereby inserted at the end of Section 28((8) of the National Internal Revenue Code, as amended, which shall read as follows: "(F) 13th month pay and other benefits. "(i) Benefits received by officials and employees of the national and local governments pursuant to Republic Act No. 6686; chan robles virtual law library "(ii) Benefits received by employees pursuant to Presidential Decree No. 851, as amended by Memorandum Order No. 28, dated August 13, 1986; "(iii) Benefits received by officials and employees not covered by Presidential Decree No. 851, as amended; and "(iv) Other benefits such as productivity incentives and Christmas bonus in an amount not exceeding Twelve thousand pesos (P12,000) which shall be integrated in the 13th month pay solely for purposes of this Act." "Provided, however, That the exclusion shall only apply to the first Thirty thousand pesos (P30,000)." Sec. 2. The exclusion herein provided shall cover benefits paid or accrued beginning January 1, 1994. For purposes of reimbursing the officials or employees who may have received the benefits covered by this Act before its effectivity, the withholding agents are hereby authorized not to deduct the withholding taxes in the immediately succeeding payroll periods corresponding to the amount previously withheld from the benefits. Sec. 3. The Secretary of Finance shall, upon the recommendation of the Commissioner of Internal Revenue, promulgate the necessary rules and regulations for the effective implementation of the provision of this Act. Sec. 4. All laws, decrees, orders, rules and regulations and other issuances inconsistent with this Act are hereby repealed or amended accordingly. Sec. 5. This Act shall take effect fifteen (15) days after its complete publication in the Official Gazette or in any two (2) newspapers of general circulation, whichever comes earlier. Approved: December 8, 1994 Quote Link to comment
Reese Posted January 19, 2004 Share Posted January 19, 2004 strutbar: nasa tax code nga po yan. uhm, wat exactly wud u want to be clarified about it? Quote Link to comment
strutbar Posted January 20, 2004 Share Posted January 20, 2004 yun lang po, kasi lumalabas s payslip namin n taxable yung mgaBENEFITS like Overtime MEAL Allowance, Health Bonus, saka LEAVE CONVERSIONS.... nairaise na po namin sa Manager namin and nag reply sya n ipapasa nya yung concerns sa HR namin.... e hanggang ngayon kasi ala pa rin sagot. Quote Link to comment
Reese Posted January 20, 2004 Share Posted January 20, 2004 sa pagkakatanda ko taxable ang benefits exceeding P30,000 for the whole year. actually yun ang bottomline nung post mo earlier. Quote Link to comment
Tokoy Posted January 22, 2004 Share Posted January 22, 2004 tanong lan, nasa labor code ba ounce you sign your regularization, a 10% of your salalry will be added? good day! sorry medyo late ang response ko dito. actually walang nakasaad sa batas tungkol sa 10% additional pag maging regular ang tao. ang nakasaad dun nga dapat ang sahod ng mga taong tinatanggap ng isang kompanya dapat aabot o higit pa sa current minimum wage law at dapat ang lahat na benepisyo na karapat dapat ay matanggap sa manggagawang ito. tungkol sa 10% increase naging industry practice yan. karamihan sa mga kompanya nagbigay ng incentive o kaya karagdagang benefits at isa na ito. minsan hindi 10% ang ibinigay minsan tataas pa o mas mababa pa depende na yun sa evaluation at benefit policy ng kompanya. sana nakatulong ako. thanks! Quote Link to comment
sebyang Posted January 22, 2004 Share Posted January 22, 2004 sa pagkakatanda ko taxable ang benefits exceeding P30,000 for the whole year. actually yun ang bottomline nung post mo earlier. reese ang alam ko 40K ang taxable Quote Link to comment
sebyang Posted January 22, 2004 Share Posted January 22, 2004 good day! sorry medyo late ang response ko dito. actually walang nakasaad sa batas tungkol sa 10% additional pag maging regular ang tao. ang nakasaad dun nga dapat ang sahod ng mga taong tinatanggap ng isang kompanya dapat aabot o higit pa sa current minimum wage law at dapat ang lahat na benepisyo na karapat dapat ay matanggap sa manggagawang ito. tungkol sa 10% increase naging industry practice yan. karamihan sa mga kompanya nagbigay ng incentive o kaya karagdagang benefits at isa na ito. minsan hindi 10% ang ibinigay minsan tataas pa o mas mababa pa depende na yun sa evaluation at benefit policy ng kompanya. sana nakatulong ako. thanks! agree ! well ung 10% incentive minsan ang tawag and wala nmn sa labor code or i mean hindi mandatory ang 10% increase... tama ba ako tokoy Quote Link to comment
xcalibr Posted January 23, 2004 Share Posted January 23, 2004 -pano ba computation ng withholding tax? is it bracketed? -a friend of mine works in a company na delayed and sweldo. may nasusulat ba sa labor code tungkol d2? salamat po Quote Link to comment
Tokoy Posted January 25, 2004 Share Posted January 25, 2004 Good Day All! Im glad to see all the posts today! I wish all a fine Sunday Quote Link to comment
Terranboy Posted January 25, 2004 Share Posted January 25, 2004 good day! sorry medyo late ang response ko dito. actually walang nakasaad sa batas tungkol sa 10% additional pag maging regular ang tao. ang nakasaad dun nga dapat ang sahod ng mga taong tinatanggap ng isang kompanya dapat aabot o higit pa sa current minimum wage law at dapat ang lahat na benepisyo na karapat dapat ay matanggap sa manggagawang ito. tungkol sa 10% increase naging industry practice yan. karamihan sa mga kompanya nagbigay ng incentive o kaya karagdagang benefits at isa na ito. minsan hindi 10% ang ibinigay minsan tataas pa o mas mababa pa depende na yun sa evaluation at benefit policy ng kompanya. sana nakatulong ako. thanks! Tokoy, thanks for the info... Pag may tanong pa ko, visit lang ko dito.. Quote Link to comment
Tokoy Posted January 25, 2004 Share Posted January 25, 2004 Tokoy, thanks for the info... Pag may tanong pa ko, visit lang ko dito.. all the time Terranboy Good Day! Quote Link to comment
Tokoy Posted January 25, 2004 Share Posted January 25, 2004 mga peeps, ano po b ang sinasabi ng batas tungkol sa early retirements saka mga benefits po nito ? salamat po ! Good Day! In our labor code there are two types of retirement. They are the compulsory and the optional retirement. Each has its own procedures and purpose. The question of early retirement program falls under the optional retirement type. What is a retirement program. If we based on the labor code it is define as a conditions of employment which provides retirement at an older age, an employee may be retired upon reaching the age of sixty years old. Furthermore, employees who reach at least five years of tenure may opt to retire under the provision of the optional retirement plan. what are the benefits: in absence of an applicable agreement or a retirement plan. the law says that the employees who retires shall be entitled to at least one-half (1/2) month of his/her latest salary for every year of service. a fraction of six months shall be considered one year. please remember that this requirement will change if the company has a retirement plan among its employees. compensation may vary from 50% to 100% of the current basic pay. all will depend on the plan entered by the company. regarding tax: too bad all of these are subject to withholding tax except for those retiring employee who have been serving for 10 years of service and is not less than 50 years old at the time of his/her retirement. thank you Quote Link to comment
Tokoy Posted January 26, 2004 Share Posted January 26, 2004 may kumalat pong email d2 s company namin ganito po :ano po b talaga ang ibig ipahiwatig nito.... ========== According to this memo, Benefits are excluded in taxable income.. Para malinawagan at maintindihan natin,, Pls read on. And collaborate w/ your colleagues.. Good Day! Allow me to share this information to you regarding benefits and its tax exemption. In our new tax reform law or CTRP as being called. BIR have detailed what benefits and how much is the ceiling amount for each. Popularly these benefits belong to the so-called "DE MINIMIS." De minimis fringe benefits are products and services provided by your empoyer, the cost of which is so small that it's unreasonable for your employer to keep track of them. Included in this tax-free category: use of the office copy machine, supper money or taxi fare paid in connection with overtime work, the value of office parties and company picnics, and small holiday gifts. So here are ceiling amount: Monetized vacation leave - 10 days only in excess is taxable, medical cash allowance to dependents - P 1,500.00, Rice allowance - P 1,000.00 per month only, Uniform and clothing - P 3,000.00, Yearly medical benefits - P 10,000.00, Laundry allowance - P 3,600.00, Employees achievement award - P 10,000.00, Christmas/Anniversary gifts - P 5,000.00 and others. Please take note that the P 30,000.00 ceiling is for all these benefits that Ive mentioned. So if for example the Uniform and clothing plus yearly medical allowance would exceed to P 30,000 then immediately all other benefits in excess of it is considered taxable ... bad isn't it Quote Link to comment
Tokoy Posted January 26, 2004 Share Posted January 26, 2004 agree ! well ung 10% incentive minsan ang tawag and wala nmn sa labor code or i mean hindi mandatory ang 10% increase... tama ba ako tokoy Yes! youre right! Quote Link to comment
Tokoy Posted January 26, 2004 Share Posted January 26, 2004 -pano ba computation ng withholding tax? is it bracketed? -a friend of mine works in a company na delayed and sweldo. may nasusulat ba sa labor code tungkol d2? salamat po Good Day! The withholding tax is computed in different ways. If you want to get the exact details of it you can go to this site www.bir.gov.ph in here you can download the tax table. The tax table is divided into different computations. there is for monthly paid employees tax computation, bi-monthly paid employees, daily paid and others. another basis also for the computation is the status if the employee is single, married, head of family and others. And of course we have the tax bracket which is divided into the following percentages 10%, 15%, 20%, 25% to 32%. Please remember that the basis for the tax computation is always the gross pay. As for your delayed paid friend, let me cite you Article 103 of Chapter III of the Labor Code. It is stated that Wages shall be paid at least once every 2 weeks or twice a month at intervals not exceeding 16 days. If on account of force majeure of uncontrolled circumstances beyond the employers' control, payment of wages on or within the time herein provided cannot be made, the employer shall pay the wages immediately after such circumstances have ceased. Furthermore it stated that NO EMPLOYER shall make payment with less frequency than once a month. Quote Link to comment
Tokoy Posted January 31, 2004 Share Posted January 31, 2004 youre welcome bro! Good Day to All Quote Link to comment
xcalibr Posted February 7, 2004 Share Posted February 7, 2004 To Tokoy and other HR gurus This thread has for sometime been inactive. Maybe you could post some topics or regular articles to keep this rolling again. I'm not in the HR field but I'm very interested and I really wanted to know more about it Just a suggestion. Thanks Quote Link to comment
Tokoy Posted February 9, 2004 Share Posted February 9, 2004 GOOD DAY PEOPLE! Ive been inactive for quite awhile because I was so preoccupied by all these deadlines brought about by the start of the year. Nevertheless, im back and I appreciates the idea of xcalibr. I'll try to see if I can post updates and things to ponder here on this thread. Thank you xcalibr for the suggestion. Quote Link to comment
Tokoy Posted February 9, 2004 Share Posted February 9, 2004 GOOD DAY PEOPLE! Ive been inactive for quite awhile because I was so preoccupied by all these deadlines brought about by the start of the year. Nevertheless, im back and I appreciates the idea of xcalibr. I'll try to see if I can post updates and things to ponder here on this thread. Thank you xcalibr for the suggestion. Quote Link to comment
xcalibr Posted February 9, 2004 Share Posted February 9, 2004 welcome. really love to see this moving again Quote Link to comment
Tokoy Posted February 10, 2004 Share Posted February 10, 2004 Good Day All! To start this thread rolling let me ask you DO YOU ALL KNOW WHAT SERVICE INCENTIVE LEAVE IS? Quote Link to comment
salvo Posted February 10, 2004 Share Posted February 10, 2004 Question. If the company close down does the employee have any right at all to get anything? Quote Link to comment
Tokoy Posted February 11, 2004 Share Posted February 11, 2004 Question. If the company close down does the employee have any right at all to get anything? Hi! Welcome to our HR thread! I have written on previous thread pages about the right of the workers when a company shutdown. I will discuss again in detail about this later. Thanks for posting! Quote Link to comment
marilen Posted February 12, 2004 Share Posted February 12, 2004 good morning everyone invite ko lang po kayo. THE ALL-WOMEN'S EB: OUR RULES, OUR WAY06 March, Saturday7:00 - 10:00pm White Bird Disco Theater & KTV715 Boulevard Galleria, Roxas BoulevardParañaque City TICKET PRICES:PHP 300 - for the women membersPHP 350 - for the male MTC members who wish to visit us (after 10pm only) DARE TO BE SOLD! All male certified MTC members are dared to bid for the privilege of participating in the first women's auction. Be one of the five (5) lucky men to be 'sold' to the women on the night of March 6! For details, check out the Women of MTC thread. Bidding starts on 02 February and ends on 15 February. THE WOMEN OF MTC AUCTION OF FIVE MALE MEMBERS BID RULES: 1. The bid opens at 12:01am of 02 FEBRUARY, MONDAY, and ends at 11:59pm of 15 FEBRUARY, SUNDAY. 2. The bid is open to all male certified members of MTC. 3. The bid starts at PHP 1,000 (One Thousand Pesos). There is no maximum bid price. 4. Interested bidders shall post their bid on the Women of MTC thread. 5. All bidders shall likewise PM Macy AND DarkAngel for their contact details - mobile phone number, landline, e-mail address. 6. At the close of the bid, the FIVE (5) HIGHEST BIDDERS have won the right to join the Women of MTC auction, which will be held during the All-Women's EB: Our Rules, Our Way on 06 March. 7. The winning bidders shall arrange with the Finance Committee of the Organizing Group with regards to the collection of their pledges. 8. Collection of the pledges shall run from February 16 (Monday) to 20 (Friday). 9. Failure of the winning bidder to turn over his pledge to the Finance Committee during this period shall automatically forfeit his right to join the auction. 10. In case of forfeiture, the next-highest bidder shall earn the right to participate in the auction. He shall also be subjected to rule numbers 7, 8, and 9. 11. The decision of the All-Women's EB: Our Rules, Our Way Organizing Group is deemed final and binding. for more information & comfirmation of your attendance kindly visit the women's of mtc thread @ group & chapters or simply click this link. Women of MTC Quote Link to comment
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