BIR Ruling [UN-180-94]

June 21, 1994 BIR RULING [UN-180-94] Mr. Armin M. Cariaga '23 Ligaya St., Isidora Hills 1127 Capital District Quezon City S i r : This refers to your letter dated February 17, 1994 stating that you are 80 years old and was compulsorily retired from the government service in 1978; that you received monthly annuity of P3,384.89; that in June, 1993 you were appointed as Member of the Board of Regents of Mariano Marcos State University by President Fidel V. Ramos without compensation but you are given an allowance of P1,000.00 per month, hence you now request for opinion on whether or not you qualify as a senior citizen under R. A. 7432 as implemented by Revenue Regulations No. 2-94. cdtech In reply, please be informed that under this Act, the term "senior citizen" shall mean any resident citizen of the Philippines at least sixty (60) years old, including those who have retired from both government and private enterprises, and has an income of not more than Sixty Thousand Pesos (P60,000.00) per annum subject to review by the National Economic and Development Authority every three(3) years. (Sec. 2, Ibid) Since you are already 80 years old and your annual income does not exceed P60,000.00, you are therefore considered a senior citizen entitled to the incentives and exemption benefits provided for under R.A. 7432. (BIR Ruling No. R.A. 7432-000-00-079-74) cd Very truly yours, ALICIA P. CLEMENO Acting Assistant Commissioner Legal Service