Are wedding gifts taxable?

Just a little over a week and June is almost off the calendar but we haven't heard much of wedding bells, right? So, we're bringing a trivia about weddings! But not the fun part.

Did you know that wedding gifts are taxable? Congratulations!

Gifts from your guests are subject to 6% Donor's Tax on the basis of the total gifts in excess of P250,000 exempt gift made during the calendar year.

Your guests shall file their return (BIR Form No. 1800) within 30 days after your wedding or date of gift is given and shall pay the corresponding donor’s tax due.

Planning to attend a wedding any time soon? Ensure that your gift is not over P250,000!

#TaxBreak with #VPA