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Does Bayanihan II provide a tax exemption for retirement benefits?
How does Bayanihan II affect retirement benefits?
Does Bayanihan II apply to a non-Bir qualified plan?
How many times can you avail the Bayanihan II tax exemption?
Nov 2, 2020 · Are the benefits qualified for tax exemption under Bayanihan Act II? The Retirement Plan should be duly-registered with the BIR in order to qualify for tax exemption under Bayanihan Act II. Since the plan of the company is not yet filed, benefits from the plan will not qualify for tax exemption.
Oct 1, 2020 · The tax exemption of retirement benefits under Bayanihan II is clearly meant to benefit employees who do not meet the conditions under the Tax Code. Otherwise, if the conditions are met, there is no need for this new law.
Nov 13, 2020 · Section 5 of Bayanihan II provides that early retirement benefits granted to privately employed persons between 5 June 2020 and 31 December 2020 are exempt from tax. The exemption, however, may be revoked if the individual is re-employed by the same organization within the succeeding 12 months.
Nov 16, 2020 · This Tax Alert is issued to inform all concerned on the following clarifications on the tax exemption of retirement benefits pursuant to Bayanihan to Recover as One Act (Republic Act No. 11494) or the Bayanihan II and as implemented under Revenue Regulations (RR) No. 29-2020.
Nov 4, 2020 · In particular, the Bureau of Internal Revenue (BIR) published on Oct. 17, 2020, Revenue Regulations (RR) 29-2020 implementing the provisions of Bayanihan II relative to tax exemption on certain income payments provided to certain employees and health workers.
Nov 2, 2020 · The point is—the exemption from tax under Bayanihan II is not limited to those received under reasonable private benefit plan, to the exclusion of retirement benefits received from the employer or from non-BIR qualified plan. To do so would be limiting the exemption to a few retirement scenarios.
Sep 30, 2020 · Nonetheless, Bayanihan II broadened the income tax exemption of retirement benefits received by employees between June 5 and Dec. 31, as it does not impose any age or years of service requirement. Certainly, this relaxed tax exemption is a welcome addition.
