Tax Imposed on the Payment of the Unused Vacation and Sick Leaves of a Retiring Employee
BIR Ruling No. 432-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Aug 14, 1958
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August 14, 1958 BIR RULING NO. 432-58 Mr. P. O. Domingo Philippine National Bank Manila S i r : In reply to your letter dated July 31, 1958, I have the honor to inform you that payment of the unused vacation and sick leave of a retiring employee under Republic Act No. 1616 is subject to income tax and, therefore, the recipient thereof should include such payment as income in his income tax return filed on or before March 1 of the year succeeding that in which the same was received. cdt Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue
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