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A fringe benefits tax (FBT) is taxation of most, but not all fringe benefits, which are generally non-cash employee benefits. [1] The rationale behind FBT is that it helps restore equity and fairness to those employees who do not receive such benefits, and allows a Federal Government to more fairly assess taxpayer entitlement to government benefits, or liability to government taxes or levies.
Wages and salaries are the remuneration paid or payable to employees for work performed on behalf of an employer or services provided. Normally, an employer is not permitted to withhold the wages or any part thereof, except as permitted or required by law. Employers are required by law to deduct from wages, commonly termed "withhold", income ...
The Home Development Mutual Fund (HDMF), commonly known as the Pag-IBIG (Pagtutulungan sa Kinabukasan, Ikaw, Bangko, Industriya at Gobyerno) Fund, [a] is a government-owned and controlled corporation under the Department of Human Settlements and Urban Development of the Philippines responsible for the administration of the national savings program and affordable shelter financing for Filipinos.
v. t. e. Salary packaging (also known as salary sacrifice or salary exchange) is the inclusion of employee benefits (also called fringe benefits) in an employee remuneration package in exchange for giving up part of monetary salary. Such arrangements are entered into most commonly if there are tax or other benefits to be derived by the employer ...
The Labor policy in the Philippines is specified mainly by the country's Labor Code of the Philippines and through other labor laws. They cover 38 million Filipinos who belong to the labor force and to some extent, as well as overseas workers. They aim to address Filipino workers’ legal rights and their limitations with regard to the hiring ...
The policy of taxation in the Philippines is governed chiefly by the Constitution of the Philippines and three Republic Acts. Constitution: Article VI, Section 28 of the Constitution states that "the rule of taxation shall be uniform and equitable" and that " Congress shall evolve a progressive system of taxation ". [1] National law: National ...
The Tax Reform for Acceleration and Inclusion Law (TRAIN Law), [1] officially designated as Republic Act No. 10963, is the initial package of the Comprehensive Tax Reform Program (CTRP) signed into law by President Rodrigo Duterte on December 19, 2017. [2]
Website. www.philhealth.gov.ph. The Philippine Health Insurance Corporation (PhilHealth) was created in 1995 to implement universal health coverage in the Philippines. It is a tax-exempt, government-owned and controlled corporation (GOCC) of the Philippines, and is attached to the Department of Health. On August 4, 1969, Republic Act 6111 or ...