Search results
- The retirement benefits received under RA No. 7641 by an official or employee who is 60 to 65 years old and has served at least 5 years shall be exempt from income tax even if received from a retirement plan not registered with the BIR since exemption is provided under Section 32 (B) (6) of the Tax Code.
www.grantthornton.com.ph › alerts-and-publications › technical-alertsClarifications on the tax exemption of retirement benefits ...
People also ask
Who is exempt from income tax under RA 7641?
What is retirement pay Law RA 7641?
What is Ra 7641?
Is Ra 7641 a separate benefit from SSS?
Feb 28, 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. RA No. 7641, commonly known as the Retirement Law, grants an employee retirement benefits upon reaching the age of 60 years but not beyond 65 years, which is the compulsory retirement age ...
Feb 27, 2017 · Under RA 4917, retirement benefits paid to an employee will be tax exempt provided you meet the following requirements: (1) company has a BIR registered retirement plan, (2) the retiring employee is at least 50 years old with at least 10 years of service in the same company and (3) that the employee has not previously availed of a tax exempt ...
Feb 23, 2017 · Yes, the RA 7641 benefit (or any retirement benefit under the Company’s retirement plan, if any) is always separate from the SSS benefit. Her benefit entitlement will depend on her age at retirement, given that RA 7641 requires attainment of age 60 and service of at least 5 years with the company.
Nov 16, 2020 · The retirement benefits received under RA No. 7641 by an official or employee who is 60 to 65 years old and has served at least 5 years shall be exempt from income tax even if received from a retirement plan not registered with the BIR since exemption is provided under Section 32 (B) (6) of the Tax Code.
R.A. 7641: Amending A287 Labor Code on Retirement. REPUBLIC ACT NO. 7641. AN ACT AMENDING ARTICLE 287 OF PRESIDENTIAL DECREE NO. 442, AS AMENDED, OTHERWISE KNOWN AS THE LABOR CODE OF THE PHILIPPINES, BY PROVIDING FOR RETIREMENT PAY TO QUALIFIED PRIVATE SECTOR EMPLOYEES IN THE ABSENCE OF ANY RETIREMENT PLAN IN THE ESTABLISHMENT.
Feb 26, 2024 · Key Takeaways. 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.
Republic Act No. 7641 December 9, 1992. Section 1. Article 287 of Presidential Decree No. 442, as amended, otherwise known as the Labor Code of the Philippines, is hereby amended to read as follows: "Art. 287. Retirement. – Any employee may be retired upon reaching the retirement age established in the collective bargaining agreement or other ...
