Fringe benefits

Question 1

Resident or citizen fringe benefit tax rate? Divisor for grossed up monetary value? Old and under TRAIN

Answer 1

FBT rate - 35%
old: 32%

For grossed up monetary
65%
old: 68%

Question 2

BIR Form for FBT (Quarterly Remittance return)

Answer 2

BIR Form No. 1603

Question 3

SAE fringe benefit tax rate? Divisor for grossed up monetary value?

Answer 3

FBT rate - 15%

Divisor - 85%

Question 4

NRA fringe benefit tax rate? Divisor for grossed up monetary value?

Answer 4

FBT rate - 25%

Divisor - 75%

Question 5

Estimated useful life used for real property to know the value of fringe benefit

Answer 5

20 years

Yachts are under real prop

Question 6

Estimated useful life used for personal property to know the value of fringe benefit

Answer 6

5 years

Question 7

Monetary value of benefit for the usage of prop

Answer 7

50% of value of benefit

Question 8

Monetary value of benefit for the transfer of ownership of prop

Answer 8

Entire value of benefit

If inacquire through installment, value of benefit is acquisition cost (exclusive of interest) divided by 5 yrs.

Question 9

Expenses for foreign travel not subject to FBT

Answer 9

1. Inland travel exp
2. Cost of lodging not exceeding $300
3. Economy and business class airplane tickets
4. 70% of cost of first class airplane tickets

Question 10

De minimis benefit for meal allowance for OVERTIME work and NIGHT/GRAVEYARD shift

Answer 10

Note exceeding 25% of basic minimum wage

Question 11

Ceiling for 13th month pay and other benefits

Answer 11

90,000