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Philippine's Bureau of Internal Revenue clarifies higher tax exemptions on 13th month, bonuses
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Tax Annualization of Employee's Compensation
Dear Valued Clients and Friends, 

Under Revenue Regulations (RR) No. 3-2015 issued by the Bureau of Internal Revenue (BIR), the increase of exclusion from gross compensation income received by an employee from PhP30,000 to PhP82,000 which only applies to the 13th month pay and other benefits prescribed under the Tax Code, as amended, shall be effective beginning the taxable year ending December 31, 2015. 

This RR shall be effective for 13th month pay and other benefits paid or accrued beginning January 1, 2015. In no case shall this apply to basic salary and other allowances. This exclusion from gross income does not also apply to self-employed individuals and income generated from business. 

In this regard, Kittelson & Carpo can assist you in computing for the tax annualization of the compensation of your employees and preparing the relevant BIR form No. 2316 (Certificate of Compensation Payment/Tax Withheld) due on or before January 31, 2016. Our payroll professionals can help in the preparation and review of these forms, ensuring that they are reliable and consistent to the said RR. 

Please let us know if you are interested and we would be happy to help you. 

If you have an existing payroll services engagement with us, please disregard this email. Thank you. 
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