BARS Company operates in the travel industry and incurs costs unevenly through the financial year. Advertising costs of P2 million were incurred on March 1, 2021 and it is expected to be benefit future interim periods. On the other hand, staff bonuses are estimated to be around P20 million for the year. How much is the total expense to be recognized by BARS on its income statement for the three-month period ended March 31, 2021?

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.