Publishing Presidential Decree No. 220 dated June 20, 1973, Entitled "Exempting Social Security Benefits, Retirement Gratuities, Pensions and Other Similar Benefits from Payment of Income Taxes"

July 9, 1973 REVENUE MEMORANDUM CIRCULAR NO. 37-73 SUBJECT : Publishing Presidential Decree No. 220 dated June 20, 1973, Entitled "Exempting Social Security Benefits, Retirement Gratuities, Pensions and Other Similar Benefits from Payment of Income Taxes" TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, there is quoted hereunder Presidential Decree No. 220. "MALACAANG MANILA "PRESIDENTIAL DECREE NO. 220 "EXEMPTING SOCIAL SECURITY BENEFITS, RETIREMENT GRATUITIES, PENSIONS AND OTHER SIMILAR BENEFITS FROM PAYMENT OF INCOME TAXES. "I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of the Armed Forces of the Philippines, and pursuant to proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, do hereby decree and order "1. That, provisions of any existing law to the contrary notwithstanding, social security benefits, retirement gratuities, pensions and other similar benefits received by retiring employees and workers, whether received from Philippine or foreign government agencies and other institutions, private or public, shall be exempt from the payment of income tax; "2. That this Decree shall be effective immediately after its approval. "Done in the City of Manila, this 20th day of June, in the year of our Lord, nineteen hundred and seventy-three. (SGD.) FERDINAND E. MARCOS President of the Philippines "By the President: "(SGD.) ROBERTO V. REYES Assistant Executive Secretary" Please be guided accordingly. aisa dc MISAEL P. VERA Commissioner of Internal Revenue ANNEX Manila, June 22, 1973 S i r : I have the honor to enclose, for your information and appropriate action, a certified copy of Presidential Decree No. 220 dated June 20, 1973, entitled "EXEMPTING SOCIAL SECURITY BENEFITS, RETIREMENT GRATUITIES, PENSIONS AND OTHER SIMILAR BENEFITS FROM PAYMENT OF INCOME TAXES". It is understood that this Presidential Decree shall immediately be disseminated to all concerned. Very truly yours, For the Executive Secretary: MELQUIADES T. DE LA CRUZ Presidential Records Officer Commissioner Misael Vera Bureau of Internal Revenue