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Expenses
0
Illustration: (page 349)
1
Solution:
2
Expenses for Foreign Travel
3
Cont.
4
Illustration: (page 350)
Plane ticket(USA) :
First class $ 1,500
Economy 800
Hotel accommodation 8000
Inland travel 1,500
Assume $1.00 = 40
5
With Documentary evidence
6
Without Documentary Evidence
7
Holiday and Vacation Expnses
8
Illustration: (page 351)
9
Solution:
GMV P 588,235
Multiply by tax rate 32%
Fringe benefit tax due P 188,235
10
Educational Assistance
Taxable FB Non- Taxable FB
12
Illustration:
13
Insurance benefits
14
Cont.
15
Illustration: (page 353)
Particulars:
Life insurance P 10,200
Car insurance 5,440
Health insurance 4,080
SSS contribution 3,400
Group insurance 1,700
Total insurance premiums paid P 24,820
16
Cont.
Particulars:
Life insurance P 10,200
Car insurance 5,440
Health insurance 4,080
Total monetary value of FB P 19,720
17
Fringe Benefit Tax on Special Taxpayers
Recipient of FB Tax rate Tax base
2) a. alien individual
employed by regional
headquarters of a
multinational company or
by regional operating
headquarters of a
15% FBT on the GMV of Monetary value of the FB
multinational company
the FB divided by 85%
b. alien individual
employed by an offshore
banking unit of a foreign
bank established in the
Philippines 18
Cont.
19
Cont.
Recipient of FB Tax rate Tax base
20
Illustration: (page 354)
21
Fringe Benefits not Subject to FBT
22
Cont.
23