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Manila Bulletin devider Philippines devider National devider Non-money pay received by employees subject to income tax, BIR says

Non-money pay received by employees subject to income tax, BIR says

Published Oct 13, 2022 02:03 pm

Stocks, bonds and other equities received by employes from their employers are subject to income tax, the Bureau of Internal Revenue (BIR) said on Thursday, Oct. 13.

This is contained in the newly-released Revenue Regulations No. 13-2022 which stated that the value of the equity transferred to employees should be based on the current fair market value at the time it was given.

It said the market value of the equity should be included in the gross income to determine the collection of the withholding tax.

The BIR came out with the regulations " to prescribe more definitive guidelines for the proper income tax treatment of all equity-based compensation."

The regulation is based on Section 32 of the Tax Code which stated that income derived from whatever source is subject to income tax.

Finance Secretary Benjamin E. Diokno signed the regulations upon the recommendation of BIR Commissioner Lilia Catris Guillermo.

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