Search results
People also ask
Are retirement benefits taxable in the Philippines?
Are retirement benefits taxable?
Do you pay income tax if you re-employ a retired employee?
Are retirement benefits taxable under RA 4917?
Feb 28, 2024 · Tax Librarian, PwC Philippines. 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.
The 411 on retirement benefits. A recent circular from the Bureau of Internal Revenue provides more clarity on how retirement benefits and related expenses should be taxed in the Philippines.
Withholding Tax On Government Money Payments (Gmp) - Percentage Taxes. CODAL REFERENCE AND RELATED ISSUANCES. Republic Act Nos. 8424, 9337, 9442, 9504, 10963. Sections 57 to 58 and 78 to 83 of the National Internal Revenue Code (NIRC) Revenue Regulation Nos. 2-98, 17-2003, 30-2003, 10-2008, 11-2018.
Jun 27, 2018 · The 2004 ruling provided the following rules: (1) If the retirement benefits received under a BIR-approved retirement plan covered by RA 4917 is equal to or less than the minimum retirement benefit provided by RA 7641, said benefits shall be exempt from income tax to prevent an absurd situation where the retirement benefits will be exempt if an ...
Dec 9, 2020 · Section 32 (B) (6) (a) of the Tax Code provides that retirement benefits received under the mandatory provisions of the Labor Code, such as reaching 60 years old but not more than 65 years and has served for at least five years, are tax-exempt.
Nov 20, 2020 · If the company has no BIR-registered retirement plan, the retirement benefits provided to its retired employees is subject to income tax even if the retirement and payment thereof occurred during the covered period. Thus, the company shall be liable to withhold and remit the corresponding income tax due thereon.
If the retirement benefit is received by a qualified employee under RA No. 7641, the same is exempt from income tax and withholding tax provided that such retiring employee: must be at least sixty (60) years of age, but not beyond sixty-five (65) years which is declared the compulsory retirement age;