FIRB Resolution No. 004-85
FIRB Resolution No. 004-85 • Fiscal Incentives Review Board • Resolutions • Jan 22, 1985
Full text
January 22, 1985 FIRB RESOLUTION NO. 004-85 WHEREAS, under the National Internal Revenue Code, as amended, retirement benefits generated by government or privately administered plans, under certain conditions, are generally excluded from the determination of taxable income; WHEREAS, benefits derived from the PAG-IBIG Fund under P.D. 1752 are now taxable by virtue of PD 1955; and WHEREAS, there is a need to correct this treatment if only to make uniform the treatment of all benefit plans designed for employees' welfare. BE IT RESOLVED, AS IT IS HEREBY RESOLVED, that effective October 15, 1984, all retirement benefits and similar payments generated by any government-or privately-administered plans subject to the applicable provisions of the National Internal Revenue Code, as amended, shall remain excluded from the determination of taxable income. (SGD.) CESAR E. A. VIRATA Minister of Finance Chairman FIRB
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