(A) Imposition of fringe benefits tax -
A final withholding tax is hereby imposed on the grossed-up monetary value of fringe benefit furnished, granted or paid by the employer to the employee, except rank and file employees as defined hereunder, whether such employer is an individual, professional partnership or a corporation, regardless of whether the corporation is taxable or not, or the government and its instrumentalities except when:
(1) the fringe benefit is required by the nature of or necessary to the trade, business or profession of the employer; or
(2) when the fringe benefit is for the convenience or advantage of the employer.
The fringe benefits tax shall be imposed at the rate of 32%.
Shall cover only those fringe benefits given or furnished to managerial or supervisory employees and not rank and file.
The tax imposed under Section 33 of the Code shall be treated as a final income tax on the employee which shall be withheld and paid by the employer on a calendar quarterly basis as provided under Sections 57 (A) and 58 (A) of the NIRC, as amended.
The grossed-up monetary value of the fringe benefit shall be determined by dividing the monetary value of the fringe benefit by 68%.
The grossed-up monetary value of the fringe benefit represents the whole amount of income realized by the employee which includes the net amount of money or net monetary value of property which has been received plus the amount of FBT thereon otherwise due from the employee but paid by the employer for and in behalf of his employee.
The term “rank and file employees” means all employees who are holding neither managerial or supervisory position. The Labor Code of the Philippines, as amended, defines “managerial employee” as one who is vested with powers or prerogatives to lay down and execute management policies and/or to hire, transfer, suspend, lay-off, recall, discharge, assign or discipline employees. “Supervisory employees” are those who, in the interest of the employer, effectively recommend such managerial actions if the exercise of such authority is not merely routinary or clerical in nature but requires the use of independent judgment.
In general, the computation of the fringe benefits tax would entail (a) valuation of the benefit granted, and (b) determination of the proportion or percentage of the benefit which is subject to fringe benefits tax.
Fringe benefits which are “required by the nature of, or necessary to the trade, business or profession of the employer, or when the fringe benefit is for the convenience or advantage of the employer” are not subject to the fringe benefits tax.
Thus in cases where the fringe benefits entail joint benefits to the employer and employee, the portion which shall be subject to FBT and the guidelines for the valuation of the fringe benefits are defined hereunder.
Unless otherwise provided, the valuation of fringe benefits shall be as follows:
(1) If the fringe benefit is granted in money, or is directly paid for by the employer, then the value is the amount granted or paid for.
(2) If the fringe benefit is granted or furnished by the employer in property other than money and ownership is transferred to the employee, then the value of the fringe benefit shall be equal to the FMV as determined in accordance with Sec. 6 (E) of the Code.
(3) If the fringe benefit is granted or furnished by the employer in property other than money but ownership is not transferred to the employee, the value of the fringe benefit is equal to the depreciation value of the property.
TAXATION OF FRINGE BENEFIT RECEIVED BY A NON-RESIDENT ALIEN INDIVIDUAL WHO IS NOT ENGAGED IN TRADE OR BUSINESS IN THE PHILIPPINES
A fringe benefit tax of 25% shall be imposed on the grossed-up monetary value of the fringe benefit. The said tax base shall be computed by dividing the monetary value of the fringe benefit by seventy-five percent (75%).
TAXATION OF FRINGE BENEFIT RECEIVED BY ALIEN INDIVIDUAL
(1) employed by regional/area headquarters or by regional operating headquarters of a multi-national companies;
(2) employed by an offshore banking unit of a foreign bank established in the Phils;
(3) employed by a foreign service contractor or by a foreign service sub-contractor engaged in petroleum operations in the Phils.;
(4) or any of their Filipino individual employees who are employed and occupying the same position as those occupied/held by the alien employees.
A fringe benefit tax of fifteen percent (15%) shall be imposed on the grossed-up monetary value of the fringe benefits. The said tax base shall be computed by dividing the monetary value of the fringe benefits by eighty-five percent (85%)
TAXATION OF FRINGE BENEFIT RECEIVED BY EMPLOYEES IN SPECIAL ECONOMIC ZONES
Fringe benefits received by employees in special economic zones are also covered by these regulations and subject to the normal rate of fringe benefits tax (32%) or the special rates of 25% or 15% as provided above.
In general, except as otherwise provided under these regulations, for purposes of this Section, the term “fringe benefit” means any good, service, or other benefit furnished or granted by an employer in cash or in kind, in addition to basic salaries, to an individual employee (except rank and file employee as defined in these regulations) such as, but not limited to the following:
(1) Housing privilege –
If the employer leases a residential property for the use of his employee and the said property is the usual place of residence of the employee, the value of the benefit shall be the amount of rental paid thereon by the employer. The monetary value of the benefit shall be 50% of the value of the benefit.
If the employer owns a residential property and the same is assigned for the use of his employees as his usual place of residence, the annual value of the benefit shall be 5% of the market value or zonal value of land and improvement which ever is higher. The monetary value shall be 50% of the value of the benefit.
MV = [5% (FMV or ZV] x 50%
If the employer purchases a residential property on installment basis and allows his employee to use the same as his usual place of residence, the annual value of the benefit shall be 5% of the acquisition cost, exclusive of interest. The monetary value shall be 50% of the value of the benefit.
If the employer purchases a residential property and transfers ownership therof in the name of the employee, the value of the benefit shall be the employer’s acquisition cost or zonal value (FMV) whichever is higher. The monetary value shall be the entire value.
If the employer purchases a residential property and transfers ownership to his employee for the latter’s residential use, at a price less than the employer’s acquisition cost, the value of the benefit shall be the difference between the FMV or ZV whichever is higher and the cost to the employee. The monetary value shall be the entire value of the benefit.
Housing privilege of military officials of the AFP consisting of officials of the Philippine Army, Philippine Navy and Philippine Air Force shall not be treated as taxable fringe benefit in accordance with the existing doctrine that the State shall provide its soldiers with necessary quarters which are within or accessible from the military camp so that they can be readily on call to meet the exigencies of their military service.
A housing unit which is situated inside or adjacent to the premises of a business or factory shall not be considered as a taxable fringe benefit (considered adjacent if the unit is located within the maximum fifty meters from the perimeter of the business premises.
Temporary housing for an employee who stays in a housing unit for three months or less shall not be considered a taxable fringe benefit.
(2) Expense account –
In general, expenses incurred by the employee but which are paid by his employer shall be treated as taxable fringe benefits, except when the expenditures are duly receipted for and in the name of the employer and the expenditures do not partake the nature of a personal expense attributable to the employee.
Expenses paid for by the employee but reimbursed by his employer shall be treated as taxable benefits except only when the expenditures are duly receipted for and in the name of the employer and the expenditures do not partake the nature of a personal expense attributable to the said employee.
Personal expenses of the employee (e.g. groceries for personal consumption) paid for or reimbursed by the employer to the employee shall be treated as taxable fringe benefits.
Representation and transportation allowances which are fixed in amounts and are regularly received by the employees as part of their monthly compensation income shall not be treated as taxable fringe benefits but considered as taxable compensation income subject to tax imposed in Section 24 of the Tax Code.
(3) Motor vehicle of any kind –
If the employer purchases the motor vehicle in the name of the employee, the value of the benefit is the acquisition cost thereof. The monetary value shall be the entire value of the benefit, regardless, of whether the motor vehicle is used by the employee partly for his personal purpose and partly for the benefit of his employer.
If the employer provides the employee with cash for the purchase of a motor vehicle, the ownership of which is placed in the name of the employee, the value of the benefit shall be the amount of cash received by the employee. The monetary value of the fringe benefit shall be the entire value of the benefit regardless of whether the motor vehicle is used by the employee partly for his personal purpose and partly for the benefit of his employer, unless the same was subjected to a withholding tax as compensation income under RR 2-98.
If the employer purchases the car on installment basis, the ownership of which is placed in the name of the employee, the value of the benefit shall be the acquisition cost exclusive of interest, divided by 5 years. The monetary value of the fringe benefit shall be the entire value regardless of whether the motor vehicle is used by the employee partly for his personal purpose and partly for the benefit of his employer.
If the employer shoulders a portion of the amount of the purchase price of a motor vehicle the ownership of which is placed in the name of the employee, the value of the benefit shall be the amount shouldered by the employer. The monetary value shall be the entire value of the benefit regardless of whether the motor vehicle is used by the employee partly for his personal purpose and partly for the benefit of his employer.
If the employer owns and maintains a fleet of motor vehicles for the use of the business and the employees, the value of the benefit shall be the acquisition cost of all the motor vehicles not normally used for sales, freight, delivery service and other non-personal used divided by 5 years. The monetary value shall be 50% of the value of benefit.
If the employer leases and maintains a fleet of motor vehicles for the use of the business and the employees, the value of the benefit shall be the amount of rental payments for motor vehicles not normally used for sales, freight, delivery service and other non-personal use. The monetary value of the fringe benefit shall be 50% of the value of the benefit.
The use of aircraft (including helicopters) owned and maintained by the employer shall be treated as business use and not to be subject to FBT.
The use of yacht whether owned or maintained or leased by the employer shall be treated as taxable fringe benefit. The value of the benefit shall be measured based on the depreciation of the yacht at an estimated useful life of 20 years.
(4) Household expenses – Expenses of the employee which are borne by the employer for household personnel, such as salaries of household help, personal driver of the employee, or other similar personal expenses (e.g. association dues, etc.) shall be treated as taxable fringe benefits.
(5) Interest on loan at less than market rate –
If the employer lends money to his employee free of interest or at a rate lower than 12%, such interest forgone by the employer or the difference of the interest assumed by the employee and the rate of 12% shall be treated as a taxable fringe benefit.
The benchmark interest rate of 12% shall remain in effect until revised by a subsequent regulation.
This regulation shall apply to installment payments or loans with interest rate lower than 12%.
(6) Membership fees, dues, and other expenses borne by the employer for his employee, in social and athletic clubs or other similar organizations – These expenditures shall be treated as taxable fringe benefits of the employee in full.
(7) Expenses for foreign travel –
Reasonable business expenses which are paid for by the employer for foreign travel of his employee for the purpose of attending business meetings or conventions shall not be treated as taxable fringe benefits. In this instance, inland travel expenses (such as food, beverages and local transportation) except lodging cost in a hotel (or similar establishments) amounting to an average of $300.00 or less per day shall not be subject to a FBT. The expenses should be supported by documents proving the actual occurrences of the meetings or conventions
The cost of economy and business class airplane ticket shall not be subject to a fringe benefits tax. However, 30% of the cost of first class ticket shall be subject to FBT.
In the absence of documentary evidence showing that the employee’s travel abroad was in connection with business meetings or conventions, the entire cost of the ticket, including cost of hotel accommodations and other expenses incident thereto shouldered by the employer shall be treated as taxable fringe benefits. The business meetings shall be evidenced by official communications from business associates abroad indicating the purpose of the meetings. Business conventions shall be evidenced by official invitations/communications from the host organization or entity abroad. Otherwise, the entire cost thereof shouldered by the employer shall be treated as taxable fringe benefits of the employee.
Traveling expenses which are paid by the employer for the travel of the family members of the employee shall be treated as taxable fringe benefits of the employee.
(8) Holiday and vacation expenses of the employee borne by his employer shall be treated as taxable fringe benefits.
(9) Educational assistance to the employee or his dependents –
(a) The cost of the educational assistance to the employee borne by the employer shall, in general, be treated as taxable fringe benefits. However, a scholarship grant to the employee by the employer shall not be taxable fringe benefit if the education or study involved is directly connected with the employer’s trade, business or profession, and there is a written contract between them that the employee is under obligation to remain in the employ of the employer for period of time that they have mutually agreed upon, thus the expenditure shall be treated as incurred for the convenience and furtherance of the employer’s trade or business.
The cost of educational assistance extended to the dependents of an employee shall be taxable fringe benefits unless the assistance was provided through a competitive scheme under the scholarship program of the company.
FRINGE BENEFITS NOT SUBJECT TO FRINGE BENEFITS TAX
§Fringe benefits which are authorized and exempted from income tax under the Code or under any special law;
§Contributions of the employer for the benefit of the employee to retirement, insurance and hospitalization benefit plans;
§Benefits given to rank and file, whether granted under a collective bargaining agreement;
§De minimis benefits;
§If the grant of fringe benefits is required by the nature of, or necessary to the trade or business or profession of employer;
§If the grant of the fringe benefit is for the convenience of the employer.
LEGAL BASES
Section 33 of the NIRC, as amended.
Sections 2.57 (1) (J) and 2.79 (D) of Revenue Regulations No. 2-98
Revenue Regulations No. 3-98
Revenue Regulations No. 8-2000
Revenue Regulations No. 5 – 2008
Revenue Regulations No. 5 - 2011
Revenue Regulations No. 7-2012
(A) Imposition of fringe benefits tax -
A final withholding tax is hereby imposed on the grossed-up monetary value of fringe benefit furnished, granted or paid by the employer to the employee, except rank and file employees as defined hereunder, whether such employer is an individual, professional partnership or a corporation, regardless of whether the corporation is taxable or not, or the government and its instrumentalities except when:
(1) the fringe benefit is required by the nature of or necessary to the trade, business or profession of the employer; or
(2) when the fringe benefit is for the convenience or advantage of the employer.
The fringe benefits tax shall be imposed at the rate of 32%.
Shall cover only those fringe benefits given or furnished to managerial or supervisory employees and not rank and file.
The tax imposed under Section 33 of the Code shall be treated as a final income tax on the employee which shall be withheld and paid by the employer on a calendar quarterly basis as provided under Sections 57 (A) and 58 (A) of the NIRC, as amended.
The grossed-up monetary value of the fringe benefit shall be determined by dividing the monetary value of the fringe benefit by 68%.
The grossed-up monetary value of the fringe benefit represents the whole amount of income realized by the employee which includes the net amount of money or net monetary value of property which has been received plus the amount of FBT thereon otherwise due from the employee but paid by the employer for and in behalf of his employee.
The term “rank and file employees” means all employees who are holding neither managerial or supervisory position. The Labor Code of the Philippines, as amended, defines “managerial employee” as one who is vested with powers or prerogatives to lay down and execute management policies and/or to hire, transfer, suspend, lay-off, recall, discharge, assign or discipline employees. “Supervisory employees” are those who, in the interest of the employer, effectively recommend such managerial actions if the exercise of such authority is not merely routinary or clerical in nature but requires the use of independent judgment.
In general, the computation of the fringe benefits tax would entail (a) valuation of the benefit granted, and (b) determination of the proportion or percentage of the benefit which is subject to fringe benefits tax.
Fringe benefits which are “required by the nature of, or necessary to the trade, business or profession of the employer, or when the fringe benefit is for the convenience or advantage of the employer” are not subject to the fringe benefits tax.
Thus in cases where the fringe benefits entail joint benefits to the employer and employee, the portion which shall be subject to FBT and the guidelines for the valuation of the fringe benefits are defined hereunder.
Unless otherwise provided, the valuation of fringe benefits shall be as follows:
(1) If the fringe benefit is granted in money, or is directly paid for by the employer, then the value is the amount granted or paid for.
(2) If the fringe benefit is granted or furnished by the employer in property other than money and ownership is transferred to the employee, then the value of the fringe benefit shall be equal to the FMV as determined in accordance with Sec. 6 (E) of the Code.
(3) If the fringe benefit is granted or furnished by the employer in property other than money but ownership is not transferred to the employee, the value of the fringe benefit is equal to the depreciation value of the property.
TAXATION OF FRINGE BENEFIT RECEIVED BY A NON-RESIDENT ALIEN INDIVIDUAL WHO IS NOT ENGAGED IN TRADE OR BUSINESS IN THE PHILIPPINES
A fringe benefit tax of 25% shall be imposed on the grossed-up monetary value of the fringe benefit. The said tax base shall be computed by dividing the monetary value of the fringe benefit by seventy-five percent (75%).
TAXATION OF FRINGE BENEFIT RECEIVED BY ALIEN INDIVIDUAL
(1) employed by regional/area headquarters or by regional operating headquarters of a multi-national companies;
(2) employed by an offshore banking unit of a foreign bank established in the Phils;
(3) employed by a foreign service contractor or by a foreign service sub-contractor engaged in petroleum operations in the Phils.;
(4) or any of their Filipino individual employees who are employed and occupying the same position as those occupied/held by the alien employees.
A fringe benefit tax of fifteen percent (15%) shall be imposed on the grossed-up monetary value of the fringe benefits. The said tax base shall be computed by dividing the monetary value of the fringe benefits by eighty-five percent (85%)
TAXATION OF FRINGE BENEFIT RECEIVED BY EMPLOYEES IN SPECIAL ECONOMIC ZONES
Fringe benefits received by employees in special economic zones are also covered by these regulations and subject to the normal rate of fringe benefits tax (32%) or the special rates of 25% or 15% as provided above.
In general, except as otherwise provided under these regulations, for purposes of this Section, the term “fringe benefit” means any good, service, or other benefit furnished or granted by an employer in cash or in kind, in addition to basic salaries, to an individual employee (except rank and file employee as defined in these regulations) such as, but not limited to the following:
(1) Housing privilege –
If the employer leases a residential property for the use of his employee and the said property is the usual place of residence of the employee, the value of the benefit shall be the amount of rental paid thereon by the employer. The monetary value of the benefit shall be 50% of the value of the benefit.
If the employer owns a residential property and the same is assigned for the use of his employees as his usual place of residence, the annual value of the benefit shall be 5% of the market value or zonal value of land and improvement which ever is higher. The monetary value shall be 50% of the value of the benefit.
MV = [5% (FMV or ZV] x 50%
If the employer purchases a residential property on installment basis and allows his employee to use the same as his usual place of residence, the annual value of the benefit shall be 5% of the acquisition cost, exclusive of interest. The monetary value shall be 50% of the value of the benefit.
If the employer purchases a residential property and transfers ownership therof in the name of the employee, the value of the benefit shall be the employer’s acquisition cost or zonal value (FMV) whichever is higher. The monetary value shall be the entire value.
If the employer purchases a residential property and transfers ownership to his employee for the latter’s residential use, at a price less than the employer’s acquisition cost, the value of the benefit shall be the difference between the FMV or ZV whichever is higher and the cost to the employee. The monetary value shall be the entire value of the benefit.
Housing privilege of military officials of the AFP consisting of officials of the Philippine Army, Philippine Navy and Philippine Air Force shall not be treated as taxable fringe benefit in accordance with the existing doctrine that the State shall provide its soldiers with necessary quarters which are within or accessible from the military camp so that they can be readily on call to meet the exigencies of their military service.
A housing unit which is situated inside or adjacent to the premises of a business or factory shall not be considered as a taxable fringe benefit (considered adjacent if the unit is located within the maximum fifty meters from the perimeter of the business premises.
Temporary housing for an employee who stays in a housing unit for three months or less shall not be considered a taxable fringe benefit.
(2) Expense account –
In general, expenses incurred by the employee but which are paid by his employer shall be treated as taxable fringe benefits, except when the expenditures are duly receipted for and in the name of the employer and the expenditures do not partake the nature of a personal expense attributable to the employee.
Expenses paid for by the employee but reimbursed by his employer shall be treated as taxable benefits except only when the expenditures are duly receipted for and in the name of the employer and the expenditures do not partake the nature of a personal expense attributable to the said employee.
Personal expenses of the employee (e.g. groceries for personal consumption) paid for or reimbursed by the employer to the employee shall be treated as taxable fringe benefits.
Representation and transportation allowances which are fixed in amounts and are regularly received by the employees as part of their monthly compensation income shall not be treated as taxable fringe benefits but considered as taxable compensation income subject to tax imposed in Section 24 of the Tax Code.
(3) Motor vehicle of any kind –
If the employer purchases the motor vehicle in the name of the employee, the value of the benefit is the acquisition cost thereof. The monetary value shall be the entire value of the benefit, regardless, of whether the motor vehicle is used by the employee partly for his personal purpose and partly for the benefit of his employer.
If the employer provides the employee with cash for the purchase of a motor vehicle, the ownership of which is placed in the name of the employee, the value of the benefit shall be the amount of cash received by the employee. The monetary value of the fringe benefit shall be the entire value of the benefit regardless of whether the motor vehicle is used by the employee partly for his personal purpose and partly for the benefit of his employer, unless the same was subjected to a withholding tax as compensation income under RR 2-98.
If the employer purchases the car on installment basis, the ownership of which is placed in the name of the employee, the value of the benefit shall be the acquisition cost exclusive of interest, divided by 5 years. The monetary value of the fringe benefit shall be the entire value regardless of whether the motor vehicle is used by the employee partly for his personal purpose and partly for the benefit of his employer.
If the employer shoulders a portion of the amount of the purchase price of a motor vehicle the ownership of which is placed in the name of the employee, the value of the benefit shall be the amount shouldered by the employer. The monetary value shall be the entire value of the benefit regardless of whether the motor vehicle is used by the employee partly for his personal purpose and partly for the benefit of his employer.
If the employer owns and maintains a fleet of motor vehicles for the use of the business and the employees, the value of the benefit shall be the acquisition cost of all the motor vehicles not normally used for sales, freight, delivery service and other non-personal used divided by 5 years. The monetary value shall be 50% of the value of benefit.
If the employer leases and maintains a fleet of motor vehicles for the use of the business and the employees, the value of the benefit shall be the amount of rental payments for motor vehicles not normally used for sales, freight, delivery service and other non-personal use. The monetary value of the fringe benefit shall be 50% of the value of the benefit.
The use of aircraft (including helicopters) owned and maintained by the employer shall be treated as business use and not to be subject to FBT.
The use of yacht whether owned or maintained or leased by the employer shall be treated as taxable fringe benefit. The value of the benefit shall be measured based on the depreciation of the yacht at an estimated useful life of 20 years.
(4) Household expenses – Expenses of the employee which are borne by the employer for household personnel, such as salaries of household help, personal driver of the employee, or other similar personal expenses (e.g. association dues, etc.) shall be treated as taxable fringe benefits.
(5) Interest on loan at less than market rate –
If the employer lends money to his employee free of interest or at a rate lower than 12%, such interest forgone by the employer or the difference of the interest assumed by the employee and the rate of 12% shall be treated as a taxable fringe benefit.
The benchmark interest rate of 12% shall remain in effect until revised by a subsequent regulation.
This regulation shall apply to installment payments or loans with interest rate lower than 12%.
(6) Membership fees, dues, and other expenses borne by the employer for his employee, in social and athletic clubs or other similar organizations – These expenditures shall be treated as taxable fringe benefits of the employee in full.
(7) Expenses for foreign travel –
Reasonable business expenses which are paid for by the employer for foreign travel of his employee for the purpose of attending business meetings or conventions shall not be treated as taxable fringe benefits. In this instance, inland travel expenses (such as food, beverages and local transportation) except lodging cost in a hotel (or similar establishments) amounting to an average of $300.00 or less per day shall not be subject to a FBT. The expenses should be supported by documents proving the actual occurrences of the meetings or conventions
The cost of economy and business class airplane ticket shall not be subject to a fringe benefits tax. However, 30% of the cost of first class ticket shall be subject to FBT.
In the absence of documentary evidence showing that the employee’s travel abroad was in connection with business meetings or conventions, the entire cost of the ticket, including cost of hotel accommodations and other expenses incident thereto shouldered by the employer shall be treated as taxable fringe benefits. The business meetings shall be evidenced by official communications from business associates abroad indicating the purpose of the meetings. Business conventions shall be evidenced by official invitations/communications from the host organization or entity abroad. Otherwise, the entire cost thereof shouldered by the employer shall be treated as taxable fringe benefits of the employee.
Traveling expenses which are paid by the employer for the travel of the family members of the employee shall be treated as taxable fringe benefits of the employee.
(8) Holiday and vacation expenses of the employee borne by his employer shall be treated as taxable fringe benefits.
(9) Educational assistance to the employee or his dependents –
(a) The cost of the educational assistance to the employee borne by the employer shall, in general, be treated as taxable fringe benefits. However, a scholarship grant to the employee by the employer shall not be taxable fringe benefit if the education or study involved is directly connected with the employer’s trade, business or profession, and there is a written contract between them that the employee is under obligation to remain in the employ of the employer for period of time that they have mutually agreed upon, thus the expenditure shall be treated as incurred for the convenience and furtherance of the employer’s trade or business.
The cost of educational assistance extended to the dependents of an employee shall be taxable fringe benefits unless the assistance was provided through a competitive scheme under the scholarship program of the company.
FRINGE BENEFITS NOT SUBJECT TO FRINGE BENEFITS TAX
§Fringe benefits which are authorized and exempted from income tax under the Code or under any special law;
§Contributions of the employer for the benefit of the employee to retirement, insurance and hospitalization benefit plans;
§Benefits given to rank and file, whether granted under a collective bargaining agreement;
§De minimis benefits;
§If the grant of fringe benefits is required by the nature of, or necessary to the trade or business or profession of employer;
§If the grant of the fringe benefit is for the convenience of the employer.
LEGAL BASES
Section 33 of the NIRC, as amended.
Sections 2.57 (1) (J) and 2.79 (D) of Revenue Regulations No. 2-98
Revenue Regulations No. 3-98
Revenue Regulations No. 8-2000
Revenue Regulations No. 5 – 2008
Revenue Regulations No. 5 - 2011
Revenue Regulations No. 7-2012