All Internal Revenue Officers and Others Concerned

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Imposition of Fringe Benefits Tax — A final withholding tax is hereby imposed on the grossed-up monetary value of fringe benefit furnished, granted or paid by the employer to the employee, except rank and file employees as defined in these Regulations, whether such employer is an individual, professional partnership or a corporation.

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May 21, 1998January 1, 1998REVENUE REGULATIONS NO. 03-98 SUBJECT:Implementing Section 33 of the National Internal Revenue Code, as Amended by Republic Act No. 8424 Relative to the Special Treatment of Fringe BenefitsTO:All Internal Revenue Officers and Others Concerned Pursuant to Section 244, in relation to Section 33 of the National Internal Revenue Code of 1997 , these Regulations are hereby promulgated to govern the collection at source of the tax on fringe benefits which have been furnished, granted or paid by the employer beginning January 1, 1998. cdaSEC. 2.33.SPECIAL TREATMENT OF FRINGE BENEFITS(A)Imposition of Fringe Benefits Tax A final withholding tax is hereby imposed on the grossed-up monetary value of fringe benefit furnished, granted or paid by the employer to the employee, except rank and file employees as defined in these Regulations, whether such employer is an individual, professional partnership or a corporation, regardless of whether the corporation is taxable or not, or the government and its instrumentalities except when: (1) the fringe benefit is required by the nature of or necessary to the trade, business or profession of the employer; or (2) when the fringe benefit is for the convenience or advantage of the employer. The fringe benefit tax shall be imposed at the following rates:Effective January 1, 1998-34%Effective January 1, 1999-33%Effective January 1, 2000-32% The tax imposed under Sec. 33 of the Code shall be tr

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