REVENUE REGULATIONS NO. 1-2015 issued on January 5, 2015 further amends Revenue Regulations (RR) Nos. 2-98 and 3-98, as last amended by RR Nos. 5-2008, 5-2011 and 8-2012, with respect to “De Minimis Benefits”, which are exempt from Income Tax as well as from Fringe Benefit Tax. Section 2.78.1 (A)(3) of RR No. 2-98, as last amended by RR No. 8-2012, is further amended to read as follows: “Sec. 2.78.1(A)(3). Withholding Tax on Compensation Income. – (A) … xxx xxx xxx (3) Facilities and privileges of relatively small value. – xxx xxx xxx (k) Benefits received by an employee by virtue of a collective bargaining agreement (CBA) and productivity incentive schemes provided that the total annual monetary value received from both CBA and productivity incentive schemes combined do not exceed ten thousand pesos (Php 10,000.00) per employee per taxable year; xxx xxx xxx” Section 2.33 (C) of RR No. 3-98, as last amended by RR No. 8-2012, is further amended to read as follows: “Sec. 2.33. Special Treatment of Fringe Benefits. – xxx xxx xxx (C) Fringe Benefits Not subject to Fringe Benefit Tax. – xxx xxx xxx (k) Benefits received by an employee by virtue of a collective bargaining agreement (CBA) and productivity incentive schemes provided that the total annual monetary value received from both CBA and productivity incentive schemes combined, do not exceed ten thousand pesos (Php 10,000.00) per employee per taxable year; xxx xxx xxx” These Regulations shall take effect immediately upon publication.