Search results
28 lut 2024 · Generally, retirement benefits received by an employee pursuant to Republic Act (RA) No. 7641 and RA No. 4917 are tax-exempt, subject to certain conditions.
22 paź 2024 · Retirement pay under BIR-registered plans is exempt from income tax in the Philippines. Tax exemptions on retirement pay apply if below PHP 100,000, for employees aged 60 years and above. Republic Acts 4971 and 7641 provide tax relief and ensure minimum retirement benefits for eligible retirees.
The BIR explained that the income of the retirement fund from its investments is exempt from income tax provided all statutory requirements for a reasonable retirement benefit plan are met and complied with pursuant to the provision of the tax code.
BIR Issuances – RMC 13-2024. The BIR clarified and reconciled the differences between the recording and treatment of income and expenses relating to employee retirement benefits under the (1) Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS) and (2) National Internal Revenue Code of 1997, as amended, and ...
23 lut 2017 · If the Company’s retirement plan is formally filed with the BIR for tax qualification, then Yes, this means the Company’s contributions to the retirement trust fund will be deductible from its gross income [ref: Tax Code of 1997: Chapter VII, Sec. 34(A)(1) and Sec. 34(J)].
Excess retirement fund reverted to the employer shall be reported as income, subject to applicable taxes. If an employer does not have a Tax Qualified Plan, only the actual amount of retirement benefits paid to employees pursuant to RA No. 7641 can be claimed as deduction from gross income.
14 sty 2014 · RA 7641 requires employers to pay retirement benefits to employees who have reached the age of 60 years or more, but not beyond 65 years with at least five years of credited service (shorter...
