I think I'm almost prepared for our quiz. Yet, I'm not confident because I seldom interchange the details. Will take this quiz for tomorrow

For example:

You are an individual taxpayer.

If you receive your cash dividend from a domestic corporation, your tax rate will be 10%. If you receive it from a foreign corporation, your tax rate will be based on the Regular Income Tax. Other transactions must also be taken into consideration.

Another example.

You are an employee, and you used your monetized sick leave. If you work for a government, you have no tax limits. If you work in a private institution, your monetized sick leave will be subject to tax. We are just in the shallow part, though.

Let's assume that your company gave you a uniform allowance. The De Minimis Benefits will be P6k per annum. I even thought that it was P10k per annum, but it turned out to be P6k only.

This mistake made me realize how important it is to master them at least.

We must also consider the difference between the medical cash and actual medical allowance. Plus, more analysis, memorization, and calculation.

I feel like I'm not breathing anymore🙂