BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Feb 12, 1969
Full text
February 12, 1969 Mr. Jose D. Quitain c/o Quitain & Quitain Anda St., Davao City S i r : With reference to your letter dated January 6, 1969, I have the honor to inform you that pursuant to Republic Act No. 4917, the retirement benefits received by officials and employees, who have been in the service of the same private firm for at least 10 years and who are not less than 50 years of age at the time of retirement are exempt from all taxes, provided that the retirement benefits are in accordance with a reasonable private benefit plan maintained by the employer. Assuming that you meet the age and length of service requirements, you may only avail of the tax exemption benefit under Republic Act No. 4917 after the retirement plan of your employer shall have been found to be reasonable in accordance with the requirements of the Act, as amplified by Revenue Regulations No. 1-68. liblex Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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