Philippines MOF Announces Proposed Increases to Tax-Exempt Ceilings for Private, Public Employee Benefits

The Philippine Department of Finance Oct. 25 announced proposed increases to various tax-free ceilings for employee benefits provided to private and public workers. The proposal includes increases to: 1) 12 days from 10 days, in the tax-exempt ceiling for monetized unused vacation leave credits for private employees; 2) 2,000 Philippine pesos (US$33) per six months from 1,500 pesos (US$25), in the limit for medical cash allowances for dependents; 3) 2,500 pesos (US$42) or market equivalent from 2,000 pesos, for monthly rice subsidies; 4) 12,000 pesos (US$203) per year from 10,000 pesos (US$169), in the actual medical assistance ceiling; 5) 30 ...