13th month query...

[mazdamazda]

AFAIK - it is tax-free for those getting P30,000 or less as their 13th month.

But Recto has filed a bill before to increase the tax-free coverage from P30,000 to P60,000. Was this bill passed by the House?

Assuming also that the P30,000 threshold is still applicable, will you be taxed for the amount you're getting above P30,000 (e.g. P50,000 is your 13th month pay, only P20,000 is taxable) or for the whole 13th month (e.g. zero tax for P30,000; 2X% tax for P60,000)?

Thanks!

[warp]

AFAIK

(1) still 30K ang tax free.
(2) above 30K ang may tax. in your example, 20K lang ang taxable.

[XTO]

in excess of 30K, yun lang ang taxable dito and hopefully sinusunod ito ng lahat. but those having 14th month and more are not spared from the usual 20% or more tax.

[niky]

Paano yung 15th month ko?

[mazdamazda]

Paano yung 15th month ko?

Amf, nanginggit pa.

:snob:

[XTO]

Paano yung 15th month ko?

eh di walang kawala lalo pa yung hanggang 22nd

[Galactus]

Recto's bill will have minimal impact even if the maximum ceiling is increased. Most companies naman declare an employees 13th month bonus as 30k only, (even if they actually receive more). Parang tax shield kumbaga.

Ang daming nag-aapply sa amin ng salary loan. Yung actual payslip reflects a monthly income of over 30k, pero sa ITR, 30k lang ang naka-declare.

As always, compliance to the law na naman ang problema.