Coverage of Presidential Decree No. 220
BIR Ruling No. 025-73 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Sep 18, 1973
Full text
September 18, 1973 BIR RULING NO. 025-73 Coverage of Presidential Decree No. 220 . Presidential Decree No. 220 does not cover the retirement benefits or pensions of officials and employees of private firms in the Philippines which shall continue to be governed by Republic Act No. 4917 as amplified by Revenue Regulations No. 1-68. (Par. 2, Sec. 2, Revenue Regulations No. 6-73, dated July 10, 1973) In view thereof, and in order to avail of the tax-exemption benefits under Republic Act No. 4917, the Faculty Association of the University Gratuity and Retirement Trust Fund must qualify as a reasonable private benefit plan under the said Act. For such purpose, the employer-company or the University must submit to this Office, BIR Form No. 1760 duly filled out and accompanied by a written program constituting the plan and the trust instrument.
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