A fringe benefit is any goods, service or other benefits furnished or granted by the employer in cash or in kind, including basic salaries to individual employee.

A fringe benefit which is subject to the fringe benefit tax is taxable income of the employee.

A fringe benefit which is not subject to the fringe benefit tax is taxable income of the employee.

Fringe benefits subject to fringe benefit tax cover only those fringe benefits given or furnished to a managerial or supervisory employee.

Fringe benefit tax shall be treated as a final income tax on the employee withheld and paid by the employer on a quarterly basis.