House approves bill increasing tax exemption ceiling on bonuses to P70k

**_Cathy_** · February 13th, 2015 01:26 AM

I thought it 82k PER Bonus. Total Annual Bonus pala. Better than none...

**jmpet626** · February 13th, 2015 02:50 AM

Will this take effect immediately na ba? May bonus kasi kami this end of february eh.

**cast_no_shadow** · February 13th, 2015 06:54 AM

^ not yet. May publication period pa yan to take effect. And IRR is needed AFAIK.

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**sirkosero** · February 13th, 2015 07:23 AM

Originally Posted by cast_no_shadow

^ not yet. May publication period pa yan to take effect. And IRR is needed AFAIK.

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diba may nilagay na clause sa senate version na failure of DOF to provide the IRR will not defer implementation of the law?

**wowiesy** · February 13th, 2015 07:49 AM

challenge naman yan sa companies. how to implement? use a different reporting form? different return? at the risk of being slapped fines, some companies may wait for the irr bago sumunod para malinaw amg protocols... baka company pa ma penalize...

on the other hand... assuming yearly cumulative bonus ang pinag uusapan.. feb pa lang now.. lots of time for bir to issue an irr for such a simple law... dapat icontempt na bir kung dpa sya makapaglabas ng irr agad...

**Lew_Alcindor** · February 13th, 2015 09:32 AM

Originally Posted by _Cathy_

I thought it 82k PER Bonus. Total Annual Bonus pala. Better than none...

Impossible per bonus yan. Lagi total annual value ang basis whether income or benefits for bonuses, di ba?

Originally Posted by wowiesy

challenge naman yan sa companies. how to implement? use a different reporting form? different return? at the risk of being slapped fines, some companies may wait for the irr bago sumunod para malinaw amg protocols... baka company pa ma penalize...

on the other hand... assuming yearly cumulative bonus ang pinag uusapan.. feb pa lang now.. lots of time for bir to issue an irr for such a simple law... dapat icontempt na bir kung dpa sya makapaglabas ng irr agad...

I am not familiar with BIR forms kasi sa amin sa govt agency, automatic yung accounting gumagawa.
Pero IMO, hindi naman siguro mababago ang forms. Magbabago lang naman ang ceiling for tax exempt benefits so konting adjustment lang sa formula.

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Originally Posted by _Cathy_

I thought it 82k PER Bonus. Total Annual Bonus pala. Better than none...

Impossible per bonus yan. Lagi total annual value ang basis whether income or benefits for bonuses, di ba?

Originally Posted by wowiesy

challenge naman yan sa companies. how to implement? use a different reporting form? different return? at the risk of being slapped fines, some companies may wait for the irr bago sumunod para malinaw amg protocols... baka company pa ma penalize...

on the other hand... assuming yearly cumulative bonus ang pinag uusapan.. feb pa lang now.. lots of time for bir to issue an irr for such a simple law... dapat icontempt na bir kung dpa sya makapaglabas ng irr agad...

I am not familiar with BIR forms kasi sa amin sa govt agency, automatic yung accounting gumagawa.
Pero IMO, hindi naman siguro mababago ang forms. Magbabago lang naman ang ceiling for tax exempt benefits so konting adjustment lang sa formula.

**tr1ck5h07** · February 13th, 2015 10:06 AM

For those who are employed, don't you just need to change the values in this part of the 2316 form?

NON-TAXABLE/EXEMPT COMPENSATION INCOME
37 13th Month Pay and Other Benefits
41 Total Non-Taxable/Exempt Compensation Income

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For those who are employed, don't you just need to change the values in this part of the 2316 form?

NON-TAXABLE/EXEMPT COMPENSATION INCOME
37 13th Month Pay and Other Benefits
41 Total Non-Taxable/Exempt Compensation Income

**dr. d** · February 13th, 2015 10:25 AM

Originally Posted by _Cathy_

I thought it 82k PER Bonus. Total Annual Bonus pala. Better than none...

i also remember 82K exemption on bonuses (yes, total).
but... if you have an 82K bonus, i don't think you would really need, perhaps even feel, that exemption at all..

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Originally Posted by _Cathy_

I thought it 82k PER Bonus. Total Annual Bonus pala. Better than none...

i also remember 82K exemption on bonuses (yes, total).
but... if you have an 82K bonus, i don't think you would really need, perhaps even feel, that exemption at all..

**_Cathy_** · February 13th, 2015 10:32 AM

Originally Posted by dr. d

i also remember 82K exemption on bonuses (yes, total).
but... if you have an 82K bonus, i don't think you would really need, perhaps even feel, that exemption at all..

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i also remember 82K exemption on bonuses (yes, total).
but... if you have an 82K bonus, i don't think you would really need, perhaps even feel, that exemption at all..

Won't you still feel it? Am I right that before the first 30k was excempted and the rest taxable by 32%