Amending Certain Provisions of RMO No. 42-2016 — Prescribing the Guidelines and Procedures in the Implementation of RA No. 9505

April 25, 2017 REVENUE MEMORANDUM ORDER NO. 028-17 SUBJECT : Amending CertainProvisions of Revenue Memorandum Order (RMO) No.42-2016 Prescribing the Guidelines andProcedures in the Implementation of Republic Act No.9505, Otherwise Known as the PersonalEquity and Retirement Account (PERA)Act of 2008, dated July 21, 2016 TO : All Internal Revenue Officials and Employees and Others Concerned I. BACKGROUND This Order is being issued to revise the reportorial requirements under RMO No. 42-2016, which prescribes the guidelines and procedures in the implementation of Republic Act No. 9505, otherwise known as the PERA Act of 2008, particularly the reports summarized in Annex "B", which consist of fifteen (15) individual reports that will be submitted by the PERA Administrator via e-mail to the Audit Information Tax Exemption and Incentives Division (AITEID), which is the BIR's PERA Processing Office. In line with the BIR's streamlining initiatives currently being implemented, the reports being required under RMO No. 42-2016 are reduced from fifteen (15) to three (3) to make the submission and processing thereof easier for both the PERA administrators and the PERA Processing Office. This Order is also issued to revise BIR Form No. 2338 (Annex "E") and BIR Form No. 2339 (Annex "E-1") which are the Certification of Aggregate Amount of Qualified PERA Contribution and the Certification of Entitlement to 5% Tax Credit for Employee Contribution, respectively. II. OBJECTIVES A. To ease the submission and processing of PERA reports in favor of both the PERA administrators and the PERA Processing Office by simplifying and consolidating reports of PERA transactions (Annex "B"); B. To revise certain fields in BIR Form No. 2338 (Annex "E") and BIR Form No. 2339 (Annex "E-1"); and C. To establish more effective, efficient and organized data gathering measures for the proper implementation of this undertaking. III. POLICIES AND GUIDELINES A. The reports summarized in Annex "B" of the abovementioned RMO are no longer required, hence preparation of said reports shall be discontinued upon effectivity of this Order. The hereunder matrix shows the details of the discontinued reports: No. NAME OF REPORT per RMO No.42-2016 ANNEX NO. per RMO No.42-2016 ACTION 1. Employer-Employees PERA Contribution B.A-1(R) Delete 2. Self-employed PERA Contribution B.A-2(R) Delete 3. Overseas Filipino PERA Contribution B.A-3(R) Delete 4. Employer-Employees PERA Contribution B.B-1(R) Delete 5. Self-employed PERA Contribution Overseas B.B-2(R) Delete 6. Filipino PERA Contribution B.B-3(R) Delete 7. Alpha List Per Employer of Employees Making Qualified PERA Contributions and the Actual Total Amount of Qualified PERA Contribution B.C-1(R) Delete 8. Alpha List of Qualified Self-Employed Contributors and the Actual Amount of Qualified PERA Contributions B.C-2(R) Delete 9. Alpha List of Qualified Overseas Filipino PERA Contributors and the Actual Amount of Qualified PERA Contributions B.C-3(R) Delete 10. Employer-Employees PERA Contributor B.D-1(R) Delete 11. Self-employed PERA Contributor B.D-2(R) Delete 12. Overseas Filipino PERA Contributor B.D-3(R) Delete 13. Employer-Employees PERA Contributor B.E-1(R) Delete 14. Self-employed PERA Contributor B.E-2(R) Delete 15. Overseas Filipino PERA Contributor B.E-3(R) Delete B. The revised reports of Annex "B" to be submitted by the PERA Administrator are listed below and the prescribed format are attached to this RMO: No. NAME OF REPORT per RMO No.42-2016 NAME OF REPORT, as per this Order ANNEX NO. 1 Quarterly Report on PERA Transaction Quarterly Report on PERA Contributions B.1(R) 2 Alpha List Per Employer of Employees Making Qualified PERA Contributions and the Actual Total Amount of Qualified PERA Contribution Alpha List of PERA Contributors B.2(R) 3 Quarterly Report on PERA Distributions and Early Withdrawals Quarterly Report on PERA Distributions and Withdrawals B.3(R) C. The revised versions of BIR Form No. 2338 (Annex "E") and BIR Form No. 2339 (Annex "E-1") are attached in this RMO. D. There are no changes in the policies and guidelines in accomplishing and submitting the aforementioned reports as stated in RMO No. 42-2016. IV. REPEALING CLAUSE All revenue issuances or portions thereof which are inconsistent herewith are hereby repealed, modified or amended accordingly. V. EFFECTIVITY This Order shall take effect immediately. (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue ANNEX B.1[R] Quarterly Report on PERA Contributions For the quarter ending _________, 20__ ANNEX B.2[R] Alphalist of PERA Contributors For the Year ending December 31, 20__ ANNEX B.3[R] Quarterly Report on PERA Distributions and Early Withdrawals For the quarter ending _________, 20__ ANNEX E Certificate of Aggregate Amount of Qualified Personal Equity and Retirement Account (PERA) Contribution ANNEX E-1 Certificate of Entitlement to 5% Tax Credit for Employee-Contributor