RR No. 03-98: Implements Section 33 of the National Internal Revenue Code (NIRC), as amended by RA No. 8424, relative to the special treatment of fringe benefits granted or paid by the employer to employees, except rank and file employees beginning January 1,1998

Summary

RR No. 03-98 implements Section 33 of the NIRC, as amended by RA No. 8424, on the special treatment of fringe benefits given by employers to employees other than rank and file employees.

Key points

1. Covered employees. The special treatment covers fringe benefits granted or paid by the employer to employees, except rank and file employees.
2. Definitions and tax base. The Regulations define fringe benefits and specify how to determine the amount subject to the fringe benefits tax.

Who is affected

• Employers
• Employees other than rank and file employees

Deadlines and effectivity

• Applies beginning January 1, 1998

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.